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Market research and customer satisfaction at kotak mahindra life insurance co. ltd by sachin bhutkar  marketing Market research and customer satisfaction at kotak mahindra life insurance co. ltd by sachin bhutkar marketing Document Transcript

  • Project Report On MARKET RESEARCH AND CUSTOMER SATISFACTION ForKOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED PUNE. Submitted in partial fulfillment of two years full time course in Masters in Business Administration, 2004-2006, Vishwakarma Institute of Management, Pune. By Mr. Sachin Bhutkar Vishwakarma Institute of Management Survey no.3/4, Kondhawa Budruk, Pune-411 048
  • KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD PUNE STUDY ONMARKET RESEARCH AND CUSTOMER SATISFACTION FORKOTAK MAHINDRA LIFE INSURANCE COMPANY LTD PUNE A SUMMER PROJECT REPORT DURING JUNE-JULY-2005 UNDER THE GUIDANCE OF MR NIKHIL SHAH (SALES MANGAGER) & PROF. MAHESH HALALE SUBMITTED BY MR SACHIN BHUTKAR IN PARTIAL FULFILLMENT OF MBA FROM VISHWAKARMA INSTITUTE OF MANAGEMENT PUNE
  • ACKLOWLEDGEMENTIt is said, The most important single word is we and the zero importantsingle word is I . This true even in today s modern era. It is absolutelyimpossible for a single individual to complete the assigned job without helpand assistance from others.It is my greatest pleasure to acknowledge sincere gratitude towards Mr.Nikhil Shah (Sales Manager) Kotak Mahindra Life Insurance CompanyLtd. Pune, for the completion of the project work.I would also like to acknowledge to my sincere gratitude to the Director ofmy institute Dr. Shard Joshi and my project guide Prof. Mahesh Halalefor helping me in this project work.I am thankful to all of my friends and batch mates for their help incompleting this project work. Finally, I am thankful to my entire familymembers for their great support and encouragement.Sachin Bhutkar
  • Executive SummaryThe objective of the project was to do Market Research and customerSatisfaction for Kotak Mahindra Life Insurance for that we have tounderstand the customer needs, Income, constraints, response and emotionsso that they can contribute their time for becoming Life advisors for thecompany. The objective of this study was to analyze consumer satisfactionof mechanical splicing in Pune city with respect to the performance, saleseffort and sales service.As the company was new and it was yet to be marketed to a large number ofcustomers, it was essential to know the feedback of customers in order toformulate effective marketing and sales strategies in future and improve thequality of service to achieve better consumer satisfaction.The site visits and companing made us possible to measure the satisfactionof consumer by identifying the attributes, which gave consumer-varyingdegrees of satisfaction.Questionnaire based on company format some attributes like requirement ofcustomer and sales services offered by company were identified as critical(motivational) factors for providing satisfaction to consumers, while otherfactors like excisable deposit center, premium collocation was time to timeand also intimation regaining before the collocation of premium. Butabsence of such hygienic factors definitely results in a dissatisfied consumer.
  • These hygienic factors could result in selling but their absence can certainlyunseal the product offering.For this a questionnaire was prepared which gave a vague idea about thepeople who were really interested and wanted to know about various newopportunities in the insurance sector. Go through questionnaire in differentdifferent area and people in the Pune city. The study was undertaken forpune region during two months. The researchers were given first 15 days forcollection of data and scanning the data. The questionnaire contains variousaspects like there. Address, their present age, profession, number ofdependents, Goals and also planning for old age (Retirement) etc.The second part of the study that consists of 40 days contains scanning thequestionnaire and taking appointments. After that usually meeting thepersons and tell them about the company.Most important part is analyzing the information.
  • CONTENTSSerial No. Particulars Page No.1. Introduction2. Industry Profile3. Company Profile4. Scope of the work5. Research Methodology6. Data interpretation and analyses7. Observation and findings8. Limitation and Recommendation9. Bibliography10. Annexure
  • INTRODUCTION
  • INTRODUCTIONWherever there is uncertainty there is risk. The risk cannot be averted. Therisk is uncertainty of the financial loss. We don t have any command onuncertainties. This makes it essential that we think in favor of a device thatbecomes instrumental in spreading the loss. It is in this context that we thinkabout insurance.Protection against the possible chances of generating uncertain losses. Iteliminates worries and miseries of losses or destruction of property anddeath.Life insurance is a contract between you and a life insurance company,which provided you a death during the contract term.Buying insurance is extremely useful if you are the principal earningmember in the family unfortunate premature demise, your family can remainfinancially secure because of the life that you have purchased.The primary purpose of life insurance is therefore protection of the familyin the even insurance is also seen as a tool to plan effectively for your futureyears. Your retiren children s future needs. Today, the market offersinsurance plans that not just cover your same time grow your wealth too.If you have dependants and financial responsibilities toward them, then youcertainly need.Having a family means dependant, which in turn means financialcommitments. Finance comes in the form of loans, children s education,
  • medical expenses etc. Imagine what would happen if you were to lose yourlife suddenly or become disabled being insured in a situation like this is anecessity.When you insured your life, in effect what you are doing insuring yourearning capacity that your dependents will be able to continue living withoutfinancial hardships even in caseMost insurance plans available today come with a savings element built intoit. These policies not only for a financially independents future, which werehave a comfortable retirement. For example. Kotak preferred Retirementplans such as income plan and kotak Multiplier plan. Most insurance plansavailable today have a bailt in saving elements. Kotak preferred Retirementplans meet your dual financial goals of life cover and savings for the future.Collateral security. Life wasn t designed to be risk free. The key is not to eliminate risk, but toestimate it Accurately and manage it wisely.Insurance sector have characteristic that give can boost to the growth of anyeconomy .it is due to the savings done at the individual level and at microlevel it generates funds for infrastructure building as the cash flow isconstant while the payout is differed, so that the insurance companies arebecoming biggest investors in long gestation infrastructure developmentprojects and hence have a great Importance to the developing economy likeIndia. Insurance sector with an annual growth rate of 15-20% and the largestnumber of life insurance policies in force, the potential of the Indianinsurance industry is huge.
  • INTRODUCTION OF THE TOPICThe purpose of this training was to have practical experience of workingwithin the organization, in the filed of marketing and to have exposure to theimportant management practices in field of marketing.While writing this report the language has been keep simple and the entirediscussion has been logical and has coherent outlines. The main motto of theproject work was Market Research and customer Satisfaction of KotakMahindra Life Insurance, Pune. It includes through market Research invarious plans of Kotak Mahindra Life Insurance. And in detail consumer(Satisfaction) responses analysis, by surveying number of consumers.The project report is divided into two parts, first part consists marketresearch for finding out best sold plan of Kotak Mahindra Life Insurance,And second consist survey report of various consumers about thereresponses about satisfaction towards Kotak Mahindra Life InsuranceCompany.
  • IMPORTANCE OF THE TOPICThe project report is all about market research to find out best sold plan ofKotak Mahindra Life Insurance, pune. And to mouser the satisfaction levelof consumers of Kotak Mahindra Life Insurance.Market research helps Kotak Mahindra Life Insurance about the best planpurchased by its consumer satisfaction level helps to know weather theconsumers are satisfied by service/Plans of Kotak Mahindra Life Insurance.
  • INDUSTRY PROFILE
  • INDUSTRY PROFILEThe industries, businesses and individuals are considerably by the servicesof insurance organization. A. The oldest form of insurance (12th century) is marine insurance. After wards in 16th century fire insurance is started in Germany. B. The first registered life office was Hand in Hand Society established in 1696. C. In India the first life insurance was started in the Bengal Presidency in 1818 knows as oriental life insurance company. 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. There was major change in the insurance sector after globalization in 2001. The private player in the insurance industry and ends the dominance of LIC. F. The different MNC s company of foreign country enters in the insurance industry with the joint venture with Indian companies. Today total 11 private life insurance companies are working in insurance industry.
  • HISTORY1912: the Indian Life Assurance Companies Act enacted as the first statureto regulate the life insurance business.1928: the Indian Insurance Companies Act enacted to the government tocollect statistical information about both life and non life insurancebusinesses.1938: Earlier legislation consolidated and amended to the insurance Actwith the objective of protecting the interests of the insuring public.1956: 245 Indian and Foreign insurers and provident societies taken over bythe central government and nationalized. LIC formed by an Act ofParliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 corefrom the Government of India.INSURANCE SECTOR REFORMS: 1) StructureGovernment stake in the insurance companies to be brought down to 50%. 2) CompetitionPrivate companies with a minimum paid up capital of Rs. 1bn should beallowed to enter the industry. No company should deal in both Life andGeneral Insurance though a single entity. Foreign companies may be
  • allowed to enter the industry in collection with the domestic companies.Postal Life Insurance Should be allowed to operate in the rural market. OnlyOne State Life Insurance Company should be allowed to operate in eachstate. 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) InvestmentsMandatory Investment of LIC Life Fund in government securities to bereduced from 75% to 50%. 5) Customer serviceLIC should pay interest on delays in payments beyond 30 days. Insurancecompanies must be encouraged to set up unit linked pension plans.Computerization of operations and updating of technology to be carried outin the insurance industry. The committee emphasized that in order toimprove the customer services and increase the coverage of the insurance;industry should be opened up to competition.
  • ENTRANCE OF PRIVATE PLAYERS IN INSURANCE SECTORSIndia still has low insurance penetration of 1.95 percent, 51st in the world.Despite the fact that India boosts a saving rate of around 25 percent, lessthan 5 percent is spent on insurance.The insurance landscape in India is undergoing major changes. Close toforeign competition since nationalization in 1956, the life insurance industryhad been protected from competitive pressures. Now, with the reopening ofthe sector, several new players have entered the scene.The acronym for the Insurance Regulatory and Development authority ofIndia, it overseeing the insurance business in India. It protects the interestsof the policyholders received and ensures orderly growth of the insuranceindustry and for matters connected there thereto.Beside Kotak Mahindra Life Insurance there are other 11 private playersworking in life insurance sector, which are as follows.Allianz Bajaj Life Insurance Company Ltd.Allianz Bajaj Life Insurance Company Ltd. is a joint venture betweenAllianz AG (Largest insurer in Europe) and Bajaj Auto Ltd. incorporated on12th 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
  • largest industrial groups in South India dealing in chlorochemicals andshipping and Engineering.Aviva Life Insurance Company Ltd.Aviva Life Insurance Company Ltd. is a joint venture between Dabur Indiaand 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 cametogether to from SBI Life.Tata Life Insurance Company Ltd.Tata Life Insurance Company Ltd. is capitalized at Rs. 185 crore; of which74% has been brought in by TATA Sons and the American partner bring thebalance 26%.ICICI Prudential Life Insurance Company Ltd.ICICI Prudential equity based stands at Rs. 675 Cr. With ICICI group andPrudential Plc holding 74% and 26% stake respectively.Birla Sun Life Insurance Company Ltd.Birla Sun Life Insurance Company is a 74:26 joint venture between AdityaBirla Group and sun life financial services of Canada.HDFC Standard Life Insurance Company Ltd.
  • HDFC Standard Life Insurance Company Ltd. was one of the firstcompanies to be granted license by the IRDA to operate in life insurancesector. It was incorporated on 14th august 2000. HDFC is the majoritystakeholder in insurance JV with 81.4% stake and Standard life (largestmutual 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 bankassurance venture in the country. Together they have roped in GMR group,which has wide-ranging interests in field such as power generationinfrastructure, manufacturing, software and banking. As per JV agreementVysya bank would hold 49% stake, ING (Europe, Dutch origin) 26% andGMR 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 100company.Met Life India Insurance Company Ltd.It was incorporated in April 2001 as a joint venture between Met LifeInternational Holding, Inc, Jammu & Kashmir bank, and M. Pallonji andcompany private Ltd.
  • COMPANY PROFILE
  • PRODUCTa) Kotak Flexi planAdvantages:1 Choice of 5 professionally managed funds included Gilt Fund, FloatingRate Fund, Bond Fund, Balanced Fund, Growth Fund.2 Add lump sum injections as and when suitable3 Premium holiday facility4 Riders options for enhanced protection5 Loan facilities in case of emergencies6 Simplified documentation and proceduresb) Kotak Retirement Income PlanThe Kotak Retirement Income Plan is a savings plan designed to meet yourpost retirement needs. It is a plan that gives you jeene Ki azaadi by givingyou 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 beforeretirement.4 For a with cover plan you have the facility of Automatic coverMaintenance, which ensures that the cover remains in force even when you
  • miss the premium payments. This facility is available after the first 3 yearsof the term.5 You may exercise the option of paying premium from the SupplementaryAccumulation Account, created from will be created from lump suminjections, if the need arises.c) Kotak Endowment PlanAn Endowment policy is a combination of savings along with risk cover.These policies designed to accumulate wealth and at the same time coveryour life. In simple words, issued for specific time periods during which youpay a regular premium. If you die during policy, your beneficiaries willreceive the sum assured along with the accumulated bonus a outlive thepolicy tenure you will receive the sum assured along with accumulatedbonus.Advantages: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 threeyears.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 PlanThe Kotak Capital Multiplier Plan is a participating plan that is built in sucha way that it allows your money to multiply, and gives you the flexibility ofusing this money the way you need it, in regular and irregular withdrawals.
  • This is an endowment plan, which is very flexible and has a lot of in-builtbenefits.Advantages:1 In this plan minimum age of 18 years of old and maximum age is 60 years.2 At the start of your withdrawals period, you can draw the full proceeds oryou 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 intoyour plan during the premium paying period. A SupplementaryAccumulation Account will be created.4 You have the facility of Automatic Cover Maintenance, which ensures thatthe policy remains in force even when you miss the premium payments. Thisfacility is available after the first 3 years of the term.e) Kotak Child Advantage PlanThe Kotak Child Advantage Plan is an investment plan designed to meetyour child s future needs. It is a plan that gives your child the azaadi torealise his/her dreams. This is an endowment plan where the life insured isthe child. This is a participating plan.Advantages:1 In this plan minimum age of 0 years of old and maximum age is 17 years.2 You may take a loan against this plan, after the policy has been in force forat 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.
  • SCOPE OF STUDIES
  • 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 hasmore importance than ever before. Marketing starts with the customer and ends the customer . Peter Drucker.So no organization, small or big ignores the customers. 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 ofeconomic universe but revolves around the customer. Build customer and not only products.Building customers is not a single step exercise but a process ------.
  • 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 ofKotak Mahindra Life Insurance with other services in Pune. And alsopresent 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 ofdifferent brands available in the market. There was a tough competition forthe brand in the market. Therefore to get establish, company had to make itscompetitors analysis and need to determine where do they stand.3) Responses of customerResponses from them were collected through survey and for thequestionnaire were prepared for both of them.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.
  • 5) Identify pros and cons of the brand.This was a fundamental objective of the whole research. Company wants toidentify that where does the brand lack. In other words, what are the brandsso 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 alsothe identification of solutions or suggestions of the problems.
  • RESEARCHMETHODOLOGY
  • RESEARCH METHODOLOGYINTRODUCTIONResearch is an art of scientific investigation through search for new facts inany 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, itdoes not qualify as basic research. On the contrary, it tackles problems,which seem to have immediate commercial potential. In view of the majorconsideration, marketing research should be regarded as applied research.We may also say that marketing research is of both types problem solvingand problem oriented.Marketing research is as systematic and objectives study of the problemspertaining to the marketing of the goods and services. It may be emphasizedthat it is not restricted to any particular area of marketing, but is applied toall the phases and aspects.
  • METHOD OF DATA COLLECTION 1) Data to be collected.Data includes facts and figures, which are required to be collected toachiever the objectives of the project. In order to determine the presentposition and satisfaction of customer of kotak Mahindra Life Insurance.a) Primary DataThe data that is being collected for the first time or to particularly fulfill theobjectives 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 wasconducted through questionnaires prepared for them.b) Secondary DataSecondary data are that type of data, which are already assembled and neednot to collected from outside. These types of data were i) Company Profile ii) Product Profile iii) Competitors ProfileThe aforesaid data were collected through Internet and company s financialreport.
  • 2) Data Collection MethodFor given project, the primary data, which needed to collect for the firsttime, were much significant. This type of information gathered throughSurvey technique, which is the most popular and effective technique forcorrect data collection. The survey was completed with the use ofquestionnaires. - Questionnaire for consumer.3) SamplingSample is the small group taken under consideration from the total group.This small group represents the total group. In the project the marketresearch, which was ask to be studied was pune market but as it was possibleto approach all the respondent s customer of the city, hence a sample wasselected which represents the whole city. The areas selected for the sampleare present further in the appendix. Sample size of customer list was takenfrom Kotak Mahindra Life Insurance customer data basic.4) Data EvaluationThe data so collected were not simply accepted because it containedunnecessary information and over or under emphasized facts. Therefore onlyrelevant data were included in the report, which helped in achieving theobjectives of the project.
  • DATA INTERPRETATION AND ANALYSIS
  • 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 4 2 0 18-24 24-35 35-45 45-55 55-65ANALYSISAbove diagram consist five classes of different age groups. Here customer19 customer biloges to 25-35 age groups, 16 customers fall in the age group35-45 years.Other 8 customer comes are in the class 45-55 years the age group of 18-24consists four customer reaming customer is in age group 55-65 years.Here majority of customer belong to the group 25-35 years.
  • 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 NOANALYSISTo this question 45 consumers reported YES and 5 consumers reportedNO .
  • 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 Bajaj Allianz Tata AIG Max New York Life Insurance HDFC Life Insurance ICICI Prudential Life Insurance SBI
  • ANALYSISFrom the above figure we come to know that customer are also investingmoney in other life insurance companies. The major player in insurance isLIC holding 22.22% of total sample. The second major player ICICI isholding 18.52%. HDFC and AIG are having equal share of 7.41% & theMax New York & SBI are having 3.70%.
  • Why did you choose Kotak Life Insurance? No of % Of Respondents Respondents 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 ROI Peer Pressure Tax Benefit Security /safety Low PremiumANALYSISThe above diagram shows 36% of respondents choose because of goodreturns, 30% because of peer pressure and remaining 24% opt. Because oftax benefit, safety and 100 premium respectively.
  • Which of the following planed you is insured? No o % Of Respondents Respondents 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 Kotak retirement Plan Kotak Endowment Plan Kotak Capital Multiplier Plan Child Advantage PlanNote.Some of customer are having more than one plan total survey customers are50.
  • ANALYSISFrom the total 63 respondents maximum i.e. 40% customers have opted forFlexi Plan, whereas 30% have gore for Retirement plans and remaining 30%have customer are having endowment, multiplier and child advantagerespectively.
  • What kind of services you expect from insurance provides No of % Of Respondents RespondentsEasy access ability to Deposit Center 20 31Time to time premium collection 12 19Provision in case of Dues 8 13Bonus & other schemes 24 37TOTAL 64 100 No. of Respondents Easy access ability to Deposit Center Time to time premium collection Provision in case of Dues Bonus & other schemesNote.Some of customer are expecting more than single service.
  • ANALYSISOut of total 50 respondents 37% like to have bonus and other service as aprime concern, 13% like to have provision in case of dues and remaining31% & 12% respondents say. They need time-to-time premium collectionand easy accessibility to deposit center as a concern before choosinginsurance provider.
  • How will you rate the services given by Kotak Mahindra Life Insurance? No of % Of Respondents Respondents Poor - - Average 16 32 Good 28 56 Excellent 6 12 TOTAL 50 100 No. of Respondents Poor Average Good ExcellentANALYSISOut of 50 respondents 57% have ratted Kotak Mahindra Life Insuranceservices as good and 32% have ratted as average. And remaining 12% haveratted as Excellent.
  • What difference you find between Kotak & your previous Insuranceprovider. No of % Of Respondents Respondents Good Returns 16 21 Effective Service/liquidity 12 15 Tax Planning 28 36 Security/ Safety Benefit 22 28 TOTAL 50 100 No. of Respondents Good Returns Effective Service Tax Planning Security/ Safety BenefitNote.Some of customers are having more than one plan more Benefit are expectedin one plan. Total surveys of customers are 50.
  • 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 YES NOANALYSISTo this question 39 consumers reported YES and 11 consumers reportedNO .
  • 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 YES NOANALYSISTo this question 32 consumers reported YES and 18 consumers reportedNO .
  • OBSERVATION AND FINDINGS
  • 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 Kotak Mahindra Life Insurance in future.
  • LIMITATION ANDRECOMMENDATIONS
  • 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 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.
  • CONCLUSION
  • After conducting market research for Kotak Mahindra Life InsuranceCompany we came to know different needs of consumers, their valuablesuggestions, responses to the different questions. With this information wecan conclude that there is good market awareness about Kotak MahindraLife Insurance Company in the market.Customer satisfaction level of most respondents is higher for KotakMahindra Life Insurance Company, which is provided by survey. Highersatisfaction level of Kotak Mahindra life insurance company was monthlydue to Kotak provides good tax benefit for the consumers also ROI, securityetc.Kotak Mahindra Flex s plan is the best-sold plan in market by KotakMahindra Life Insurance. This conveys that the customer s are switching toretirement plan.
  • BIBLIOGRAPHY
  • REFERENCESBOOKSMAGAZINEBusiness & Economy MagazineCOMPUTER WEBSITEwww.IRDA.comwww.licindia.comwww.hdfcinsurance.comwww.businessindiaonline.comwww.maxnewyorklife.comwww.brandonline.comwww.iciciprulife.com
  • ANNEXURE
  • QUESTIONNAIRE 1. Personal detailName:Age18-24 25-35 35-4545-55 55 and abovePhone No.Email.Office Address: - Residential Address: -2. Do you think is it essential to have Life Insurance?YES NO3. Which are the companies you invested your money for Life Insurance?a) Kotak Mahindra Life Insuranceb) LICc) Bajaj Allianzd) Tata AIGe) Max New York Life Insurancef) HDFC Life Insuranceg) ICICI Prudential Life Insuranceh) SBI
  • 4. Why did you choose Kotak Life Insurance?a) ROIb) Peer Pressurec) Tax Benefitd) Security /safetye) Low Premium5. Which of the following planed you is insured?a) Kotak Flexi planb) Kotak retirement Planc) Kotak Endowment Pland) Kotak Capital Multiplier Plane) Kotak Child Advantage Plan6. What kind of services you expect from insurance providesa) Easy access ability to Deposit Centerb) Time to time premium collectionc) Provision in case of Dues (Policy Lapse)d) Bonus & other schemes7. How will you rate the services given by Kotak Mahindra Life Insurance?a) Poorb) Averagec) Goodd) Excellent
  • 8. What difference you find between Kotak & your previous Insuranceprovider.a) Good Returns (HIGHEST)b) Effective Service/Liquidityc) Tax Planningd) Security/ Safety Benefit & Protection on your Capital9. Do have any suggestion for Kotak Mahindra Life InsuranceYES NO10. In future, will you purchase policies from Kotak Mahindra LifeInsurance? YES NO
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