A project report on  a study on customer awareness level to improve market share to find the potential customer for met life india
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A project report on a study on customer awareness level to improve market share to find the potential customer for met life india

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A project report on a study on customer awareness level to improve market share to find the potential customer for met life india

A project report on a study on customer awareness level to improve market share to find the potential customer for met life india

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A project report on  a study on customer awareness level to improve market share to find the potential customer for met life india A project report on a study on customer awareness level to improve market share to find the potential customer for met life india Document Transcript

  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”Literature Review: The project report on “A study on customer awareness level to improvemarket share to find the potential customer for Met Life India”. In Hubli.Body of the Report: Primary data was collected by administration questionnaire of 100 customers. Thequestionnaire was specially framed to meet the requirement of the survey and thefollowing details. Direct contact was made with the respondents through random sample to collectthe needful information with reference to our objective as per to meet the surveyrequirement.Interview technique: Direct personal interview was conducted throughout project using direct structuredand self administrative questionnaire.Conclusion & Recommendation: Analysis was based on the result of the research conducted and therecommendations are based on the analysis.Limitation: The major limitation of the project was time frame.Babasabpatilfreepptmba.com Page 1
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”STATEMENT OF THE PROBLEM “A study on customer awareness level to improve market share to find thepotential customer for Met Life India”. The main core problem in the project is to know weather the people of Hubli cityis fully aware of “Met Life India Life Insurance Plans and policies”Purpose of the study: The study was undertaken to gather information from the respondents regardingawareness Met Life India Life Insurance Plans and policies and the purpose of the studyis to know how many people are aware of “Met Life India Life Insurance Plans andpolicies”Scope of the study: • The study will help the company to know the awareness of “Met Life India Life Insurance Plans and policies” in Hubli city. • The study will help the company to know the customer profile. • The company can find out where their competitors stand. The reason for confining the scope of the research in Hubli were .Babasabpatilfreepptmba.com Page 2
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” 1) One of the fast growing city in educational field in Karnataka and represents the more scope to the insurance companies. 2) It is also commercial city in the Business field. Objectives: 1. To study the awareness level of ““Met Life India Life Insurance Plans and policies”. 2. To find factor influencing financial planning. 3. To find potential market for ““Met Life India Life Insurance Plans and policies” 4. To find vital communication media.RESEARCH METHODOLOGYData source: Primary data (field survey)Area of Research: Hubli city.Research instrument: Questionnaire.Sample Plan: Personal Interview.Sample Unit: Businessman, Job holders, etc.Sampling method: Non probability method, Random sampling method.Sample Size: 100 respondents.Babasabpatilfreepptmba.com Page 3
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”Babasabpatilfreepptmba.com Page 4
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT 1999 (IRDA) This Act, passed in Dec 1999, provided for the establishment of the IRDA to protect the interests of policyholders, to regulate, promote & ensure orderly growth of insurance industry & for the matters connected therewith or incidental thereto. It also sought to amend the insurance Act, 1938, the L I C Act, 1956 & the general insurance Business (nationalization) Act, 1972. The IRDA is the corporate body. It is advised insurance advisory committee consisting of not more than 25 members to represent the interests of commerce, industry, transport agriculture, consumer forums, surveyors, agents, intermediaries, organizations engaged in safety & loss prevention, research bodies & employees’ associations in the insurance sector. It replaces the ‘controller of insurance’ to administer the provisions of the insurance Act. That includes registrations, licensing, & laying down regulations for the proper conduct of the business & the protection of the interests of policyholders. The regulations framed by the IRDA, in so far as they affect the working of agents, are reproduced in full at the end of this course.Introduction to insuranceBabasabpatilfreepptmba.com Page 5
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” The business of insurance is related to the protection of economic value of assets.Every asset has a value. The asset is valuable to the owner, because he accepts to getbenefits from it. The benefit may be income or something else. It’s a benefit because itmeets some of his needs. In the case of factory or a cow, the product generated b is sold& income generated. In the case of a motor car it provides comfort & convenience intransportation. There is no direct income Every asset is expected to last a certain period of time during it which it willperform. After that, the benefit may not be available. There is a life time for a machine ina factory or a cow or a motor car. None of them will last for ever. The owner is aware ofthis and he can so manage his affairs that by the end of that period or life-time, asubstitute is made available. Thus, he makes sure that the value or income is not lost.How ever the asset may get lost earlier an accident or some other unfortunate event maydestroy it or make it non-functional. In that case, the owner and those deriving benefitsthere from would be deprived of the benefit and the planned substitute would be nothaving been ready. There is an adverse or unpleasant situation. Insurance is a mechanismthat helps to reduce the effect of such adverse situation.Brief history of insuranceBabasabpatilfreepptmba.com Page 6
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” The business of insurance started with marine business traders, who use to gatherin the Lloyd’s coffee house in the London agreed to share the losses to their goods whilebeing carried by ships. The losses use to occur because of he pirates on the high seas orbecause of bad weather spoiling the goods or sinking the ships. The fist insurance policywas introduced in 1583 in England. In India insurance began in 1870 with life insurancebeing transacted by an English company, the European &the Albert .The first Indianinsurance company was Bombay mutual assurance society ltd formed in 1870. This wasfollowed by oriental life insurance company.In1874, the bharath in 1896 & the empire ofIndia in 1897. Later, the Hindustan cooperative was formed in Calcutta, the united India inmadras, the Bombay life in Bombay, the national in Calcutta, The new India in Bombay,the Jupiter in 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, whenthe life insurance business was nationalized and the life insurance corporation of India(LIC) was formed on 1st Sep 1956, there were 170 companies and 75 provident fundssocieties transacting life insurance business in India. After the amendments to therelevant laws in 1999, the LIC did not have the exclusive privilege of doing life insurancebusiness in India. By 31.03.2002, 11 new insurers had been registered & had been totransact life insurance business in India.Babasabpatilfreepptmba.com Page 7
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”INSURANCE IN INDIA The insurance sector in India has come a full circle from being an opencompetitive market to nationalization and back to a liberalized market again. Tracing thedevelopments in the Indian insurance sector reveals the 360-degree turn witnessed over aperiod of almost two centuries.A brief history of the Insurance sector The business of life insurance in India in its existing form started in India in theyear 1818 with the establishment of the Oriental Life Insurance Company in Calcutta.Some of the important milestones in the life insurance business in India are:1912: The Indian Life Assurance Companies Act enacted as the first statute to regulatethe life insurance business.1928: The Indian Insurance Companies Act enacted to enable the government to collectstatistical information about both life and non-life insurance businesses.1938: Earlier legislation consolidated and amended to by the Insurance Act with theobjective of protecting the interests of the insuring public.1956: 245 Indian and foreign insurers and provident societies taken over by the centralgovernment and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956,with a capital contribution of Rs. 5 crore from the Government of India. The GeneralBabasabpatilfreepptmba.com Page 8
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”insurance business in India, on the other hand, can trace its roots to the Triton InsuranceCompany Ltd., the first general insurance company established in the year 1850 inCalcutta by the British.Some of the important milestones in the general insurance business in India are:1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact allclasses of general insurance business.1957: General Insurance Council, a wing of the Insurance Association of India, frames acode of conduct for ensuring fair conduct and sound business practices.1968: The Insurance Act amended to regulate investments and set minimum solvencymargins and the Tariff Advisory Committee set up.1972: The General Insurance Business (Nationalization) Act, 1972 nationalized thegeneral insurance business in India with effect from 1st January 1973.107 insurers amalgamated and grouped into four companies viz. the NationalInsurance Company Ltd., the New India Assurance Company Ltd., theOriental Insurance Company Ltd. and the United India Insurance CompanyLtd. GIC incorporated as a company.Babasabpatilfreepptmba.com Page 9
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”Insurance sector reforms In 1993, Malhotra Committee headed by former Finance Secretary and RBIGovernor R.N. Malhotra, was formed to evaluate the Indian insurance industry andrecommend its future direction.The Malhotra committee was set up with the objective of complementing the reformsinitiated in the financial sector.The reforms were aimed at “creating a more efficient and competitive financial systemsuitable for the requirements of the economy keeping in mind the structural changescurrently underway and recognizing that insurance is an important part of the overallfinancial system where it was necessary to address the need for similar reforms…” In 1994, the committee submitted the report and some of the key recommendationsincluded: 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 thesesubsidiaries can act as independent corporationsAll the insurance companies should be given greater freedom to operateBabasabpatilfreepptmba.com Page 10
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” ii) CompetitionPrivate Companies with a minimum paid up capital of Rs.1bn should be allowed toenter the industry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 thedomestic 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 eachstate iii) 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 madeindependent iv) InvestmentsMandatory Investments of LIC Life Fund in government securities to be reduced from75% to 50%GIC and its subsidiaries are not to hold more than 5% in any company (There currentholdings to be brought down to this level over a period of time)Babasabpatilfreepptmba.com Page 11
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” 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 theinsurance industryThe committee emphasized that in order to improve the customer services and increasethe coverage of the insurance industry should be opened up to competition. But at thesame time, the committee felt the need to exercise caution as any failure on the part ofnew players could ruin the public confidence in the industry.Hence, it was decided to allow competition in a limited way by stipulating the minimumcapital requirement of Rs.100 crores. The committee felt the need to provide greaterautonomy to insurance companies in order to improve their performance and enable themto act as independent companies with economic motives. For this purpose, it hadproposed setting up an independent regulatory body.Babasabpatilfreepptmba.com Page 12
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”IMPORTANCE OF INSURANCEWhy I need Insurance Life Insurance is a contract by which you can protect yourself against specificlosses by paying a premium over a period of time. Since each one of us, during our livesare faced with numerous risks – failing health, financial losses, accidents and evenfatalities, our instinct drives us to cover ourselves against those risks. Though aninsurance cover can’t protect you against the emotional losses arising out of these risks, itsoftens the economic crisis that usually accompanies these losses. Life Insurance gains much more value if you are a nuclear family. Unlike in thetraditional joint family system, in a nuclear family, support from the extended familycannot be counted upon. So it is vital that you have an insurance cover as the protectiveshield against unfortunate losses. And it’s not only your life you could insure against those risks. With theInsurance Industry going through positive changes in the last few decades, now, you havea variety of risk coverage options. For instance, products in the market range from wholelife insurance to covering risks associated with home loans. What’s more, now you could choose life insurance as an investment option, thereturns of which you can enjoy at the most critical phases of your life – for instance, atthe time of your child’s admission into one of those dream institutes.Babasabpatilfreepptmba.com Page 13
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” And the insurance industry is constantly evolving. So, you now have a wideroption of insurers – presenting you with products that not only cover those risks, but alsoact as wealth accumulation or investment avenues, which, you should definitely avail of. Whether you are new to insurance, or an informed customer, you could alwaysget valuable information from us. We have attempted to cover this site with somecomprehensive information on life insurance. However, do not hesitate to leave a note forour Financial Advisors. Not only they could provide you with the additional informationyou might be looking for, they can also help you assess your life insurance needs andinvest wisely.Purpose & need of insurance Assets are insured, because they are likely to be destroyed, through accidentaloccurrences. Such possible occurrences are called perils. Fire, floods, breakdowns,lightning, earthquakes, etc are perils. If such perils can cause damage to the asset, we saythat the asset is exposed to that risk. Perils are the events. The risk to a owner of building,because of the peril of an earthquake, may be a few lacs or a few crores of rupees,depending on the cost of the building & the contents in it. The risk only means that there is a possibility of loss or damage. The damage mayor may not happen. Insurance is done against the contingency that it may happen. Therehas to be an uncertainty about the risk. Insurance is relevant only if there areuncertainties. If there is no uncertainty about the occurrence of an event, it cannot beBabasabpatilfreepptmba.com Page 14
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”insured against. In the case of human being death is certain, but the time of death isuncertain. In the case of a person who is terminally ill, the time of death is uncertain,thought not exactly known. He cannot be insured. Insurance does not protect the asset. It does not prevent its loss due to the peril.The peril cannot be avoided through Insurance. The peril can sometimes be avoided,through better safety & damage control management. Insurance only tries to reduce theimpact of the risk on the owner of the asset & those who depend on that asset. It onlycompensates the losses-and that too, not fully. Only economic consequences can be insured. If the loss is not financial, Insurancemay not be possible. Examples of non-economic losses are love & affection of parents,leadership of managers, and sentimental attachment to family heirlooms, innovative &creative abilitiesHow insurance works The mechanism of insurance is very simple. People who are exposed to the samerisks come together & agree that, if any of them suffers loss, the others will share the loss& make good to the person who lost. All people who send goods by ship are exposed tosame risk, which are related to water damage, ship sinking, piracy, etc.Those owningFactories are not exposed to these risks but they are exposed to different kinds of risk likefire, hailstorms, earthquake, lightning, burglary, etc, like this different kinds of risk canbe identified & separate groups can be made, including exposed to those risk. By thisBabasabpatilfreepptmba.com Page 15
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”method, the heavy loss that any of them may suffer is divided into a small bearable lossby all. There are certain principles, which make it possible for insurance to remain a fairarrangement. The first is that it is difficult for any one individual to bear theconsequences of the risk he is exposed to. It will become bearable when the communityshares the burden. The second is that the peril should be in an accident manner. Nobodyshould be in a position to make the risk happen. In other words, none in the group shouldset fire to his assets & ask others to share the costs of damage. This would be takingunfair advantage of an arrangement put in to place to protect people from the risk they areexposed to. The occurrence has to be random, accidental, & not the deliberate creation ofthe insured person. The manner in which the loss is to be shared can be determined before hand. It maybe proportional to the risk the each person is exposed to. This would be indicative of thebenefit he would receive if the peril befell him. The share could be collected from themembers after the loss has occurred or the likely shares may be collected in advance, atthe time of admission to the group. Insurance companies collect in advance & create afund from which the losses are paid. The collection to be made from each person in advance is determined onassumptions. While it may not be possible to tell beforehand, which person will suffer, itmay possible to tell, on the basis of past experience, how many persons, on an average,may suffer losses.Babasabpatilfreepptmba.com Page 16
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”THE BUSINESS OF INSURANCEInsurance companies are called insurers. The business of insurance is to A. Bring together persons with common insurance interest. B. Collect the share (premium) from all of them. C. Pay out compensations (claims) to those who suffer. The premium is determined on the same lines as indicated in the above examplesabove, but with some further refinements. In India, insurance business is classified primarily as life & non-life or general.Life insurance includes all risks related to the lives of human beings & general insurancecovers the rest.Myths of Insurance There are some myths that are associated with Insurance. To choose insurance asa good investment, you need to be informed about these myths.Insurance is for saving tax The primary function of life insurance is to cover you against sudden lossesarising out of sudden death or liability. Unlike other investment options like the PublicProvident Fund that offers 20% tax rebate under Section 88 of the Income Tax Act,1961or other small savings schemes like post office deposits and national savingscertificates, Insurance isn’t a tax saving investment vehicle.Babasabpatilfreepptmba.com Page 17
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” Insurance, primarily offers you complete security arising out of risk coverageagainst the uncertainties of life. And secondarily serves you as a good investment optionand tax saving tool. Hence, as an instrument, life insurance offers you the ideal blend ofrisk cover, returns and tax benefits.Insurance does not give good returns It’s true that there are other investment options that could give you more returnsthan life insurance. If returns are evaluated in isolation, a fixed deposit option offeringyou 6% interest definitely looks good in a depressed market. However, life insuranceoffers you other benefits, in addition to returns. For example, say, you invest Rs.5000/- in fixed deposit. You would ideally getback the money at the end of the year with marginal interest. Whereas, if you decide topay a premium of Rs.5000/- per annum on a life insurance policy, you could buy aninsurance cover of Rs.50, 000/- to Rs.2 lakhs depending on your age and type of policy.And if, the unfortunate happens during the tenure, your near and dear ones get to receivethe amount for which you are insured. If not, you get back the entire sum at the end of thetenure.Insurance products are not flexible Insurance products have become more flexible with the introduction of riders thatallow you to customize your plan. Riders allow you to tailor your insurance policy to suityour unique needs. They are attached to your base policy when it is purchased and areBabasabpatilfreepptmba.com Page 18
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”available at nominal rates. For example, there is the Critical Illness Rider, which providesfor payment of an amount based on the diagnosis of a critical illness condition of the lifeassured. The illnesses covered include critical conditions such as heart attack, stroke,cancer, kidney failure and major organ transplant.Flexibility is also provided through different premium payment options. By utilizingthese payment options, you need not get tied down to paying the premiums through outthe term of the policy. With Limited payment option, you can complete your premiumpayments in short intervals, while enjoying the benefits of the policy for a longer term.My money gets tied down in Insurance The withdrawal facility available with select insurance policies makes it possiblefor you to withdraw your accumulated money any time when you need it. There are alsoloan options available on most policies that enable you to utilize your returns muchearlier than the completion of the term of the policy.In essence, life insurance offers you risk coverage, tax benefits and returns on investment.MetLife With over 138 years of experience, the MetLife companies serve millions ofcustomers in the Americas and Asia with one goal in mind – to build financial freedomfor everyone. The MetLife companies are a leader in-group benefits that serve 88 of theBabasabpatilfreepptmba.com Page 19
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”top one hundred FORTUNE 500®* companies, and provide benefits to 37 millionemployees and family members through its plans sponsors in the U.S. The MetLifecompanies are also ranked #1 in-group life and #1 in commercial dental in the U.S. TheMetLife companies are the number one life insurer in the U.S. with approximately US$3.3trillion of life insurance in force. In India, MetLife wasincorporated in 2001, and aims to differentiate itself through customized need basedselling, simple and innovative products, and technology-backed service experience, totread its path to build financial freedom for everyone.Mission / Vision / ValuesOur Vision and Mission Build financial freedom for all through leadership in providing financial adviceand building long-term relationships through innovative protection, accumulation andretirement products, robust underwriting processes and creating world-class customerservice experience for our customers. We want to provide customers in India with world-class solutions for financialsecurity, and in the process add significant value to our shareholders, associates andsociety.Our Core ValuesBabasabpatilfreepptmba.com Page 20
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” • We lead through Innovation to offer world class and competitive products to our customers • We build Long Term Relationships with our customers by creating a world class service experience through operational excellence and the innovative use of technology • We create a Customer Centered and Result Focused Vision that inspires each one of our Associates and has their buy-in • We are committed to creating a High Performance Organization by creating an environment that allows each one of our Associates to perform at their peak. As a result we will also be recognized as an Employer of Choice • We are committed to Partnering with our internal and external Customers for mutual success • We work with Integrity, Fairness and Financial Prudence in all our dealings keeping the interests of our Shareholders, Customers and Associates paramountDIFFERENT DEPARTMENTSRevenue Generated deptCustomer related dept 1) Procuring new Business 2) Scrutiny of the new proposal and deciding on the proposal. 3) Issuing policyBabasabpatilfreepptmba.com Page 21
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” 4) Make sure that the policy should not lapse. 5) Servicing policy holder 6) Advertising 7) Investing Mutual fund dept 8) Account dept 9) HR development dept 10) Government laws dept, returns and statementsCorporate Partners As the vital channel for MetLife’s products, we have chosen some exemplarybanks and financial institutions. These will serve as the interface between our customersand we to aid us understand the unique needs and aspirations of every Indian. And updateour products with features that form the cornerstones of financial freedom.Prelude: The Jammu & Kashmir Bank is today one of the fastest growing banks in Indiawith a network of more than 500 branches/offices spread across the country offeringworld class banking products/services to its customers. Today, the Bank has a status ofvalue driven organization and is always working towards building trust withShareholders, Employees, Customers, Borrowers, Regulators and other diverseStakeholders, for which it has adopted a strategy directed to developing a soundfoundation of relationship and trust aimed at achieving excellence, which of course,Babasabpatilfreepptmba.com Page 22
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”comes from the womb of good Corporate Governance. Good Governance is a source ofcompetitive advantage and a critical input for achieving excellence in all pursuits. J&KBank considers good Corporate Governance as the sine qua non of a good bankingsystem and has adopted a policy based on all the four pillars of good governance –transparency, disclosures, accountability and value, enabling it to practice trusteeship,transparency, fairness and control, leading to stakeholders delight, enhanced shareholdervalue and ethical corporate citizenship. It also ensures that bank is managed by anindependent and highly qualified Board following best globally accepted practices,transparent disclosures and empowerment of shareholders, besides ensuring to meetshareholders aspirations and societal expectations following the principles ofmanagements executive freedom to drive the bank forward without undue restraints butwithin the framework of effective accountability. The excellence achieved by the bank inits operations stemming from the roots of voluntary good Governance has not goneunrecognized and Bank has recently bagged three very prestigious awards for followingfair business practices and commitment to social obligations.Financials The Bank recorded an outstanding achievement in the last fiscal (2004-05) in keyareas of its operations. During the year 2004-05, the Bank achieved an all time highbusiness turnover of Rs.33162.11 crore from Rs.27946.32 crore of the previous yearregistering an increase of 18.66%.Babasabpatilfreepptmba.com Page 23
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” The Capital & Reserves of the Bank increased by Rs.71.66 crore to Rs.1665.40crore during the year from Rs.1593.74 crore of the previous year. The Capital AdequacyRatio stood at 15.15%, which is comfortably much above the minimum stipulated byReserve Bank of India. The Bank posted a net profit of Rs.115.07 crore in the last fiscal as against theprevious year figure of Rs.406.33 crore .The dip in the profits is in line with overallindustry trend which witnessed diminishing yields in the securities portfolio held bybanks and consequential booking of losses. The Bank could not remain insulated to thesaid affects of inflation and hardening of interest rates, which besides impacting theyields also, depreciated the investment portfolio. In order to insulate the securitiesportfolio from future market risk and to reduce the duration of its investments, Banktransferred securities of Rs.2602.03 crore from AFS to HTM category and also disposedoff long duration securities, thereby booking depreciation /loss on investment portfolioaggregating Rs.222.47 crore. Banks aggregate deposits recorded an appreciable accretion of 16% toRs.21644.97 crore at the end of financial year 2004-05 from the previous year figure ofRs.18661.38 crore. The rate of growth is commendable when compared to 14.1% atnational level. The credit portfolio of the Bank also recorded an appreciable growth during theyear. The total advances of the Bank increased to Rs.11517.14 crore against Rs.9284.94crore of the corresponding periods of the previous year registering a growth of 24%. TheBabasabpatilfreepptmba.com Page 24
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”outstanding to priority sector increased by Rs.544 crore to Rs.2510 crore at the end ofMarch 2005 from Rs.1966 crore of the previous year. The investment portfolio recordeda growth of 8% to Rs.9089.23 crore from Rs.8451.10 crore of the previous years. The net NPAs stood at 1.41%, against 1.48% of the previous year, which is one ofthe lowest in the industry. During the year, the Foreign Exchange business recorded an impressive growth of29%, moving to Rs.5964.67 crore against Rs.4637 crore of the previous year. Thecontribution of this segment to the Banks gross income has been to the tune of Rs.38.22crore against Rs.34.80 crore of the previous year. The export turnover of the Bankincreased from Rs.1928.86 crore to Rs.2211.51 crore registering an increase of 15%. Keeping in view overall performance of the Bank, the Bank, after the approval ofshareholders, paid 80% dividend (free of tax) for the year ended 31 st March 2005. The productivity levels continued to show sustained growth with per branch andper employee business increasing to Rs.6632.4 lakhs and Rs.482.50 lakhs respectivelyDhanalakshmi BankBabasabpatilfreepptmba.com Page 25
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” Dhanalakshmi Bank charts a 79-year course commencing from its incorporationin the year 1927 by a group of enterprising entrepreneurs of Thrissur, the cultural capitalof Kerala. The Bank has foreseen transition and made the right moves towards sustaineddevelopment. Dhanalakshmi Bank has today attained national stature with 181 branchesand 26 Extension Counters spread over the States of Kerala, Tamil Nadu, Karnataka,Andhra Pradesh, Maharashtra, Gujarat, Delhi and West Bengal. The high growthtrajectory is powered by strong fundamentals. As at the end of March 2006, the CapitalAdequacy Ratio of the Bank was above the mandatory requirement of 9%. The highlightsof our performance during the year 2005-06 are as follows: • Operating profits increased by 53% • Non-interest income increased by 83.8% • Cost of deposits declined to 5.19% and yield on advances improved to 9.44% • Micro credit recorded a growth of 92.2% • Net NPA brought down to 2.44% • Bank posted a net profit of Rs. 9.51 crores. • 85% of Bank’s business brought under centralized banking solution (CBS) The Bank has always been a trendsetter, constantly making pioneering moves.The Bank has in its books top corporate clients and blue chips, both established andemerging. With a view to widening its geographical spread, the Bank plans to add anumber of branches to its network during the current year. The delivery channels arebeing supplemented by putting up onsite as well offsite ATMs at 100 locations.Babasabpatilfreepptmba.com Page 26
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” The marketing mantra at Dhanalakshmi Bank is to position the Bank as atechnologically advanced and customer-oriented Bank. With this end in view, the Bankhas introduced Centralized Banking Solutions (CBS) on the Flexcube Platform forextending Anywhere/Anytime banking to its ever-expanding clientele through multipledelivery channels. The Bank has set-up a state-of-the-art DATA CENTRE in Bangalore,the IT capital of the country to create physical environment necessary to keep the serversoperational 24 hours a day and 7 days a week. Almost 85% of our business is now onCBS platform. The Bank emphasizes on customizing services and personalizing relations. In itspursuit to become a customer-friendly bank offering vast, varied and versatile servicewith a personal touch, the Bank has introduced an International Debit Card under tie-upwith Visa International. The Bank has already become a Principal Member of VisaInternational. Steps are afoot to introduce a co-branded Credit Card in association with aleading public sector bank. In another customer-friendly move, the Bank has joinedCASHNET, the first independent nation-wide shared ATM network in India. This facilityhas been introduced with a plethora of value-added services designed to enhance thebank’s commerce solutions for customers with Electronic Refill of pre-paid mobileairtime, mobile banking with account access and event messaging plus Electronic BillPresentment and Payment for post paid bills. The Bank has also joined the NationalFinancial Switch (ATM network) of the IDRBT, promoted by Reserve Bank of India. Byjoining Cash net and NFS, our customers have been provided access to more than 14,000Babasabpatilfreepptmba.com Page 27
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”ATMs in the country. Tie-up with other shared ATM networks like Cash Tree is in theoffing. Dhanalakshmi Bank has introduced tele banking and Internet banking. All thebranches of the Bank will be covered in a phased manner. The Bank has also put in placea vibrant Cash Management System (CMS) that provides speedier cheque collectionthrough 59 branches. Real Time Gross Settlement (RTGS) System went live at Dhanalakshmi Bankrecently. The RTGS System will facilitate large value inter-bank payments and settlementin real time on-line mode on a transaction-by-transaction basis. The Bank has ventured into both life and non-life insurance. It is selling lifeinsurance products of M/s. MetLife India, a renowned global player in this segment andnon-life insurance products of M/s. IFFCO-TOKIO as their corporate agent. The Bank isalso a depository participant of NSDL (National Security Depository Limited) offeringDemat services through selected branches. With a view to making available value-added services to the NRIs the Bank hasset up NRI Boutiques (Relationship Centres) at 8 locations in the State of Kerala. TheBank has also plans to open specialized NRI branches with accent on quality of serviceand thrust on specialization at potential locations. There has been a significant surge inthe number of drawing arrangements with Exchange Houses in the Middle East.Babasabpatilfreepptmba.com Page 28
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” The Bank’s Industrial Finance Branch at Kochi and Corporate Office, Trichurhave been accredited with certification under ISO 9001-2000. On the socio-economic front, the Bank is maintaining the Numero Uno positionunder Micro Credit among all Kerala-based Private Sector Banks. This, in fact, is thefulfillment of our avowed objective to act catalytic to the economic prosperity of thecountry. The Bank has recognized micro finance intervention as an effective tool forpoverty alleviation and has streamlined the linkage between the Bank and Self HelpGroups through 100 branches. In essence, the Bank is paying focused attention on its core competence like everexpanding client-base, constantly upgraded customer service, professional management,skilled manpower, wide network of branches and excellent customer support. The Bank is managed by a professional and forward looking Board of Directorsdrawn from various walks of life with Mr. A.D. Navaneethan as the Chairman, Mr. P.SPrasad as the MD & CEO and Mr. V S R Murthy as Executive Director.Karnataka BankBabasabpatilfreepptmba.com Page 29
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” The Karnataka Bank Ltd., a premier private sector bank of the country, wasincorporated on February 18th, 1924 at Mangalore, a coastal town in South Kanara, adistrict of Karnataka state, which has attained renown as the Cradle of Indian Banking. Today it is one of the leading private sector banks in the country, known for itssteady and disciplined growth and cordial customer service. The Bank has a strongnational presence through a widespread network of 358 branches. The bank has 230branches wholly/partially computerized, as of now. Plans are underway to put in place additional products to enhance customersatisfaction and to increase income stream with the help of upgraded technology. Thebank has already put in place an elaborate risk monitoring and asset liability managementsystem.Babasabpatilfreepptmba.com Page 30
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” UTI Bank was the first of the new private banks to have begun operations in1994, after the Government of India allowed new private banks to be established. TheBank was promoted jointly by the Administrator of the specified undertaking of the UnitTrust of India (UTI - I), Life Insurance Corporation of India (LIC) and General InsuranceCorporation Ltd. and other four PSU companies, i.e. National Insurance Company Ltd.,The New India Assurance Company, The Oriental Insurance Corporation and UnitedInsurance Company Ltd.The Bank today is capitalized to the extent of Rs. 281.19 Crores with the public holding(other than promoters) at 72.53 %.The Banks Registered Office is at Ahmedabad and its Central Office is located atMumbai. Presently the Bank has a very wide network of more than 488 branch officesand Extension Counters. The Bank has a network of over 2100 ATMs providing 24hrs aday banking convenience to its customers. This is one of the largest ATM networks in thecountry.The Bank has strengths in both retail and corporate banking and is committed to adoptingthe best industry practices internationally in order to achieve excellence.PromotersBabasabpatilfreepptmba.com Page 31
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”UTI Bank Ltd. has been promoted by the largest and the best Financial Institution of thecountry, UTI. The Bank was set up with a capital of Rs. 115 crore, with UTI contributingRs. 100 crore, LIC - Rs. 7.5 crore and GIC and its four subsidiaries contributing Rs. 1.5crore each.SUUTI - Shareholding 27.47%SUUTI is the largest mutual fund in India.SUUTI presently occupies a special position inIndian capital market. With a servicing and distribution network of more than 53 branchoffices, 320 Chief Representatives and about 90,000 agents, UTI provides the completerange of services to its investors.Board of DirectorsBabasabpatilfreepptmba.com Page 32
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”The Bank has 11 members on the Board. Dr. P. J. Nayak is the Chairman andManaging Director of the Bank.The members of the Board are : Chairman & Managing Director DirectorShri Surendra SinghShri N. C. Singhal DirectorShri A. T. Pannir Selvam DirectorShri J. R. Varma DirectorDr. R. H. Patil DirectorSmt. Rama Bijapurkar DirectorShri R. B. L. Vaish DirectorShri S. B. Mathur DirectorShri M. V. Subbiah DirectorShri Ramesh Ramanathan DirectorOur Mission • Customer Service and Product Innovation tuned to diverse needs of individual and corporate clientele. • Continuous technology up gradation while maintaining human values. • Progressive globalization and achieving international standards. • Efficiency and effectiveness built on ethical practices.Babasabpatilfreepptmba.com Page 33
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”Core Values • Customer Satisfaction through o Providing quality service effectively and efficiently o Smile, it enhances your face value" is a service quality stressed on o Periodic Customer Service Audits • Maximization of Stakeholder value • Success through Teamwork, Integrity and PeopleChannel PartnersWe have Relationship with the following partnersKARVY In 1982, a group of Hyderabad-based practising Chartered Accountants startedKarvy Consultants Limited with a capital of Rs.1, 50,000 offering auditing and taxationservices initially. Later, it forayed into the Registrar and Share Transfer activities andsubsequently into financial services. All along, Karvys strong work ethic andBabasabpatilfreepptmba.com Page 34
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”professional background leveraged with Information Technology enabled it to deliverquality to the individual.GEOJIT SECURITIES Mr.C.J George founded Geojit Securities in 1987 as a Proprietorship for doingBroking business in Cochin Stock Exchange. In 1994, the business was taken over byGeojit Securities Ltd, a Joint Venture between Mr.C.J George and the Kerala StateIndustrial Development Corporation Ltd. In the following year, the company came upwith an IPO and the shares were listed in various Stock Exchanges in India in 1995.WAY2WEALTHWay2Wealth is a premier Investment Consultancy Firm that has been launched with theaim of making investing simpler, more understandable and profitable for the investors.Way2Wealth brings a wide range of product offerings from Fixed Income Securities, LifeInsurance and Mutual Funds to Equity and Derivatives (on the National Stock Exchange)Babasabpatilfreepptmba.com Page 35
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”for the convenience and benefit of it customers. Way2Wealth has over 40 easilyaccessible Investment Outlets spread across 20 major towns and cities in the country.MINI MUTHOOTHUEstablished in 1921, Mini Muthoothu with an illustrious history of banking behind themtoday operates from 75 branches in Kerala and 5 in Bangalore. All business concerns ofMini Muthoothu function under the strict guidelines set by the Department of CompanyLaw Affairs and Reserve Bank of India. They also have a certificate of compliance withthe requirements regarding prudential norms from the Reserve Bank of India. MiniMuthoothu, under the able leadership of its Chairman, Mr. Roy M Mathew, offers boththe resources and capabilities like any national player coupled with individualizedattention to its customersManagement TeamRajesh Relan – Managing DirectorChander Chellani - Officer, Agency SalesMiro Farrugia – Chief Financial OfficerBabasabpatilfreepptmba.com Page 36
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”B Ashwin - Chief Administrative OfficerK P Sarma – Appointed ActuaryPhanesh M S V S - Chief ActuaryKR Anil Kumar -Chief Planning, Legal and Compliance Officer and Financial ControllerSudip Mukhopadhyay – Director, Employee BenefitsSmitashree Menon – Director, Human ResourcesSanyog Jain –Director, Training and Development Center of ExcellenceKailash Kulkarni – Director, Agency SupportVikrant Pande –Director, Third Party DistributionGaurav Suri – Director, MarketingRadhakrishna S –Director, Information TechnologyNeerav Kaushik – Director, Individual ServiceDeliveryBabasabpatilfreepptmba.com Page 37
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”Shiva Belavadi –Director, Institutional ServiceDelivery and ClaimsBabasabpatilfreepptmba.com Page 38
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”Babasabpatilfreepptmba.com Page 39
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”Insurance Plans MetLife provides tailor made solutions to suit Individual needs, such that whenyoure looking to protect those closest to you, in terms of planning your child’s education,seeking retirement solutions or are simply looking ahead for a worry free financial future,we provide you with best products and services. Life Insurance is the cornerstone of yourfamilys financial security. It protects your financial resources against the uncertainties oflife so you can protect your familys futureOur Solutions What is financial freedom? It’s all about living the kind of life you really want tolive without worrying about the future. True financial freedom arises from identifyingyour financial capabilities, setting realistic goals based on your aspirations and achievingthem through a comprehensive plan. Most importantly, while you set out to draw up afinancial plan, you need to understand that it isn’t a one-time plan. What’s good for youtoday might not be next year. So, the planning that goes into attaining your financialfreedom should be dynamic.Product Details No one can give you all the answers when it comes to dealing with lifes ups anddowns. But we can certainly equip you to deal with life better. Please find below thevarious products offered by MetLife to suit your specific need:Babasabpatilfreepptmba.com Page 40
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” • Accumulation • Whole Life Policy • Met 100- Limited Pay Whole life Non - Participating • Met 100- Limited Pay Whole life Participating • Endowment Policy • MET Suvidha • Money Back Policy • Met Sukh Money Back Non Participating • Met Bhavishya • Multi Purpose • Met Ultimate • Met Smart Plus • Met Smart Premier • Protection • Met Suraksha - TROP • Met Suraksha - TA • Met-Mortgage Protector SP/Limited pay(MRTA) • Retirement • MET Pension - Participating Deferred Annuity • MET Advantage Plus • Add Ons • Accidental Death Benefit (ADB)Babasabpatilfreepptmba.com Page 41
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” • Term Rider • Waiver Of PremiumCritical IllnessContact UsSend in your enquiries and requests to: group@metlifeindia.comyou can also contact our regional Group Business teams at the following:BangaloreRegional Manager (South)Institutional BusinessMetLife India Insurance Co. Pvt. Ltd.Jewels De ParagonI Floor; M G RoadBangalore - 560 001.Email: msuresh@metlife.comPhone: +91 80 56921700 Extn:Fax: +91 80 56921701MumbaiRegional Manager (West)Institutional BusinessMetLife India Insurance Co. Pvt. Ltd.Peninsula Corporate ParkBabasabpatilfreepptmba.com Page 42
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”Tower II; #802; 8th FloorGanpatrao Kadam MargLower ParelMumbai - 400 013Email: skaul@metlife.comPhone: +91 22 24903133 Extn: 3062Fax: +91 22 24903137Babasabpatilfreepptmba.com Page 43
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”Customer Service MetLife has something for everyone, and now you can have all the informationyou ever wanted, whether in terms of locating a MetLife office, changing your address,or simply wanting to know if there is a policy to protect the home loan you have justtaken… everything is possible without moving an inch … just click your way throughnow. Affiliates Directory In this section, you can find the list of addresses of our affiliates across thecountry. The following services are currently available: Medical Provider Network Paying your Renewal PremiumsFrequently Asked QuestionsHave a quick question regarding one of our products or services? Need some helpfuladvice?Just identify the product or area youre interested in, and you should find the answersyoure looking for here. • Buying a Policy • ProceduresBabasabpatilfreepptmba.com Page 44
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” • Alteration in Policy • Lost Policy • Payment Options • Cancellation of Policy • Reinstatement of Policy • Lapsed Policy • Claim ProcessSponsorshipSponsorships, Corporate Social Responsibility and MetLife It is indeed clear that Corporate Social Responsibility is no longer a conceptfostered by idealists on the fringe, but one that has entered the mainstream. CorporateSocial Responsibility is the overall relationship of any corporation with all itsstakeholders.At MetLife, we believe that every corporate must have a heightened sense of corporatesocial responsibility. MetLife is dedicated towards the betterment of the society we serveand hence the establishment of MetLife Foundation in the US which was started in 1976.Like its parent company, MetLife in India also strongly reinforces the importance ofcorporate social responsibility. Although we deem it unnecessary to create hype andpublicity regarding our philanthropy, it gives us great pleasure to be associated withvarious charities from time to timeAs a company we are strongly committed to our social responsibilities and pledge toBabasabpatilfreepptmba.com Page 45
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”always support causes espousing our global proposition ‘have you met life today?’ Forwith every mention of the phrase, we believe we should reflect on what it means to eachof us and what we can do to make a difference.“Financial liberation leading to life of significance” It’s enjoying life instead of worrying about the financial aspects that have becomea part of it. It’s the realization that the future is protected. It’s the way to live each day …the way you have wanted to. It refers to and provokes the desire to look afresh at the waywe look at life, lifetime investments, life insurance and thereby MetLife.Babasabpatilfreepptmba.com Page 46
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”Babasabpatilfreepptmba.com Page 47
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”1. Are you aware about Met Life India? Frequency Percent Valid Cumulativ Percent e PercentValid Yes 45 45.0 45.0 45.0 No 55 55.0 55.0 100.0 Total 100 100.0 100.0 60 55 50 45 40 30 20 10 Percent 0 Yes No Interpretation As from the above graph it is clear that in 100 respondents only 45% are aware & reaming 55% of unaware..Babasabpatilfreepptmba.com Page 48
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”2. If yes how do you come to know? Frequency Percent Valid Cumulativ Percent e PercentValid Friends 11 11.0 24.4 24.4 TV 5 5.0 11.1 35.6 NEWS 4 4.0 8.9 44.4 Paper Pamphlet 25 25.0 55.6 100.0 Total 45 45.0 100.0Missing System 55 55.0Total 100 100.0 60 56 50 40 30 24 20 10 11 Percent 9 0 Friends TV NEWS Paper Pamphlet Interpretation The above graph shows that the number of respondents are come to know about this Met Life India.Babasabpatilfreepptmba.com Page 49
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” • 24% of respondents are come to know from their friends. • 11% of respondents are come to know from Television. • 9% of respondents are come to know from local NEWS Papers. • 56% of respondents are come to know from Pamphlets.3. Do you want to know more about Met Life India? Frequency Percent Valid Cumulativ Percent e PercentValid Yes 85 85.0 85.0 85.0 No 15 15.0 15.0 100.0 Total 100 100.0 100.0 100 85 80 60 40 20 Percent 15 0 Yes No InterpretationBabasabpatilfreepptmba.com Page 50
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” The above graph shows that the number of respondents wants to know more about Met Life India • 85% of respondents are wants to know more about Met Life India • 15% of respondents don’t want to know.4. Do you want to invest your money in the following plans? Frequency Percent Valid Cumulativ Percent e PercentValid Endowme 11 11.0 12.1 12.1 nt Whole life 20 20.0 22.0 34.1 policy Retirement 56 56.0 61.5 95.6 5 4 4.0 4.4 100.0 Total 91 91.0 100.0Missing System 9 9.0Total 100 100.0Babasabpatilfreepptmba.com Page 51
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” 70 60 62 50 40 30 20 22 10 12 Percent 0 4 Endow ment Whole life policy Retirement 5 Interpretation The above graph shows that the numbers of respondents are interested to invest their money in Met Life India 12% of respondents are interested to invest their money in Endowment 22% in whole life policy 62% in Retirement5. Have you invested money in life insurance? Frequency Percent Valid Cumulativ Percent e PercentValid Yes 65 65.0 65.7 65.7 No 31 31.0 31.3 97.0 3 3 3.0 3.0 100.0 Total 99 99.0 100.0Missing System 1 1.0Total 100 100.0Babasabpatilfreepptmba.com Page 52
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” 70 66 60 50 40 30 31 20 10 Percent 0 3 Yes No 3 Interpretation The above graph shows that the numbers of respondents are invested their money in the Life Insurance • 66% of respondents are invested their money6. In which company you have invested your money? Frequency Percent Valid Cumulativ Percent e PercentValid LIC 30 30.0 42.3 42.3 Bajaj 27 27.0 38.0 80.3 Allianz Met Life 4 4.0 5.6 85.9 India ICICI 10 10.0 14.1 100.0Babasabpatilfreepptmba.com Page 53
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” Total 71 71.0 100.0Missing System 29 29.0Total 100 100.0 50 40 42 38 30 20 14 10 Percent 6 0 LIC Bajaj Allianz Met Life India ICICI Interpretation The above graph shows that the numbers of respondents are invested their money in the following companies. • 42% of respondents are invested their money in the “LIC”. • 38% of respondents are invested their money in the “Bajaj Alianz”. • 6% of respondents are invested their money in the “Met Life”. • 14% of respondents are invested their money in the “ICICI”.7. Which plan you have taken? Frequency Percent Valid Cumulativ Percent e PercentValid Endowme 15 15.0 20.8 20.8 ntBabasabpatilfreepptmba.com Page 54
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” Whole life 24 24.0 33.3 54.2 policy Retirement 31 31.0 43.1 97.2 5 2 2.0 2.8 100.0 Total 72 72.0 100.0Missing System 28 28.0Total 100 100.0 50 43 40 33 30 20 21 10 Percent 0 3 Endow ment Whole life policy Retirement 5 Interpretation Above graph shows that the numbers of respondents have invested their money in the following plans & policies. • 21% of respondents have invested their money in the “Endowment Plans”. • 33% of respondents have invested their money in the “Whole life policy”. • 43% of respondents have invested their money in the “Retirement”.8. What is the premium you are paying per annum? Frequency Percent Valid CumulativBabasabpatilfreepptmba.com Page 55
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” Percent e PercentValid 10000 31 31.0 59.6 59.6 10000- 18 18.0 34.6 94.2 25000 50000- 3 3.0 5.8 100.0 100000 Total 52 52.0 100.0Missing System 48 48.0Total 100 100.0 70 60 60 50 40 35 30 20 10 Percent 6 0 10000 10000-25000 50000-100000 InterpretationThe above graph shows that the numbers of respondents are paying the followingpremium per annum. • The 60% of respondent paying 10000 premiums. • 35% between 10000 to 25000 • And remaining between 50000 to 1000009. What will influence your Financial Planning?Babasabpatilfreepptmba.com Page 56
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” Frequency Percent Valid Cumulativ Percent e PercentValid Discussion 27 27.0 51.9 51.9 with Family Member Tax 12 12.0 23.1 75.0 Consultant / C. A Insurance 12 12.0 23.1 98.1 consultant /Agents Web site 1 1.0 1.9 100.0 of insurance or Finance company Total 52 52.0 100.0Missing System 48 48.0Total 100 100.0 60 50 52 40 30 23 23 20 10 Percent 0 Discussion w ith Fami Insurance consultant Tax Consultant/ C. A Web site of insuranc InterpretationThe above graph shows that influence to the people for making financial planning. • 52% from discussion with family members. • 23% from Tax consultant etc10. What factor consists while making the policy?Babasabpatilfreepptmba.com Page 57
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” Frequency Percent Valid Cumulativ Percent e PercentValid Returns 38 38.0 74.5 74.5 Safety 10 10.0 19.6 94.1 Liquidity 3 3.0 5.9 100.0 Total 51 51.0 100.0Missing System 49 49.0Total 100 100.0 80 75 60 40 20 20 Percent 6 0 Returns Safety Liquidity InterpretationThe above graph shows that the factor consists while making the policy. • 75% of factors consist of Returns. • 20% of factors consist of safetyBabasabpatilfreepptmba.com Page 58
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”11. In future are you interested investing money in Met Life India? Frequency Percent Valid Cumulativ Percent e PercentValid Yes 51 51.0 54.3 54.3 No 43 43.0 45.7 100.0 Total 94 94.0 100.0Missing System 6 6.0Total 100 100.0 60 54 50 46 40 30 20 10 Percent 0 Yes No Interpretation The above graph shows that the numbers of respondents are interested to invest their money in Met Life India • 54% of respondents are interested to invest their money in Met Life India • 46% of respondents are not interested to invest their money in Met Life IndiaBabasabpatilfreepptmba.com Page 59
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”12. If no why? Frequency Percent Valid Cumulativ Percent e PercentValid No Interest 31 31.0 54.4 54.4 Lack of 2 2.0 3.5 57.9 Advertise ment Busy 24 24.0 42.1 100.0 schedule Total 57 57.0 100.0Missing System 43 43.0Total 100 100.0 60 54 50 40 42 30 20 10 Percent 0 4 No Interest Lack of Advertisemen Busy schedule Interpretation The above graph shows that the numbers of respondents are not interested to invest their money in Met Life India. • The 54% they do not have interest. • 4% from lack of advertisement.Babasabpatilfreepptmba.com Page 60
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” • 42% of the respondent from busy schedule13. Are you living in your own house? Frequency Percent Valid Cumulativ Percent e PercentValid Yes 72 72.0 72.0 72.0 No 23 23.0 23.0 95.0 3 5 5.0 5.0 100.0 Total 100 100.0 100.0 80 72 60 40 20 23 Percent 0 5 Yes No 3 Interpretation The above graph shows that the numbers of respondents are living in their own house.Babasabpatilfreepptmba.com Page 61
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” • 72% of respondents have their own house. • Remaining respondents do not have their own house.14. Are you using the following? Frequency Percent Valid Cumulativ Percent e PercentValid Car 51 51.0 54.3 54.3 Co lour TV 3 3.0 3.2 57.4 Bike 40 40.0 42.6 100.0 Total 94 94.0 100.0Missing System 6 6.0Total 100 100.0 60 54 50 40 43 30 20 10 Percent 0 3 Car Co lour TV Bike Interpretation Above graph shows that the number of respondents is using the following luxuries goods.Babasabpatilfreepptmba.com Page 62
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” • 54 % respondents are using Car. • 43% respondents are using Bikes.15. What is your Occupation? Frequency Percent Valid Cumulativ Percent e PercentValid Job Holder 54 54.0 54.0 54.0 Businessm 25 25.0 25.0 79.0 an Profession 21 21.0 21.0 100.0 al Total 100 100.0 100.0 60 54 50 40 30 25 20 21 10 Percent 0 Job Holder Businessman Professional Interpretation The above graph shows that the respondents occupation.Babasabpatilfreepptmba.com Page 63
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” • 54% of respondents are job holders. • 25% of respondents are Business mans. • 21% of respondents are Professionals.16. What is your monthly income? Frequency Percent Valid Cumulativ Percent e PercentValid Below 15 15.0 15.0 15.0 5000 5000- 34 34.0 34.0 49.0 10,000 10,000- 43 43.0 43.0 92.0 15,000 4 8 8.0 8.0 100.0 Total 100 100.0 100.0 50 43 40 34 30 20 15 10 8 Percent 0 Below 5000 5000-10,000 10,000-15,000 4 Interpretation The above graph shows that the monthly income of the respondents. In the survey it was found that the.Babasabpatilfreepptmba.com Page 64
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” • 15% of respondents are come under below Rs.5000 per month. • 34% of respondents are coming under Rs.5000 to 10,000 per month. • 43% of respondents are coming under 10,000 to 15,000 per month. • Only 8% of respondents are coming under Rs.15, 000 & above.Findings • It was found that 55% of respondents in Hubli city are unaware about the Met Life India. This indicates the advertisements which are using for creating awareness in Hubli is not effective so it is suggests the company to use more effective ad camps to create awareness. • In this survey it was found that 43% of respondents have their own bikes and 54% of respondents have cars. This indicates that these financially sound and they can easily understand the importance of policies and they can invest their money in that. • In this survey it was found that 43% of the respondents monthly income is in between Rs.10000 to Rs.15000 and 34% of the respondents monthly income is in between Rs.5000 to Rs.10000. such kind of respondents are wants save money or invest money which will help for their children’s in future. • In Hubli city 86% of respondents wants to know more about policies of Met Life India so it is suggest that the company should give ads in local NEWS Paper and also give advertisement in local cable TV.Hubli city is aware or knows about this scheme.Babasabpatilfreepptmba.com Page 65
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India” • In this survey it was found that 62% of respondents are wanted to invest their money in Retirement plan. These respondents are potential customer for the organization.Recommendations 1. More number of respondents has their monthly income Rs.10000 to 15000. And such kind of population wants to make policies in Met Life India Life Insurance. More number of the respondents are come to know about this scheme from Pamphlets. So it suggests that they should use other sources of advertisement like Big Eye Catching Hoardings etc. 2. Here it can recommended that the company should provide bonus for the potential financial consultant and Company almost all plans and policies have duration period of minimum 10 years for this long duration people are not interested to invest their money so the company should reduce their duration period.Babasabpatilfreepptmba.com Page 66
  • A study on customer awareness level to improve market share to find the potential customer for Met Life India”Conclusion From the survey analysis it was found that in Hubli City more than half ofrespondents are unaware about Met Life India Life Insurance Plans and Policies. In this survey it was also found that more number of respondents have perceptionin that they are interested to invest their money in Met Life India Life Insurance In shortmany respondents are still not decided to in which company they have to invest theirmoney. So they have opportunity in Hubli city and the company has an opportunity so itsuggests that they catch the such customers to tap the market.Babasabpatilfreepptmba.com Page 67