Kotak life insurance Project Report

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MARKET RESEARCH AND CUSTOMER SATISFACTION

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Kotak life insurance Project Report

  1. 1. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page1 FINAL PROJECT REPORT ON MARKET RESEARCH AND CUSTOMER SATISFACTION Submitted to: Department of management in the partial fulfillment for the PGDM (Post Graduate Diploma in Management) SUPERVISED BY: SUBMITTED BY: MS. RICHA BHARDWAJ ABHISHEK KUMAR KESHRI KNS WORLD MANAGEMENT COLLEGE Approved by AICTE & Ministry of HRD, Govt. of India Gurgaon, Haryana
  2. 2. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page2 CERTIFICATE This is to certify that the project report entitled Market Research And Customer Satisfaction of Kotak Mahindra Life Insurance company “ is a bonfire record of the project done by ABHISHEK KUMAR KESHRI with Roll No : 01/KNSWMC/12 in partial fulfillment of the requirement for the award of Post Graduate Diploma in Management to the Approved by AICTE & Ministry of HRD, Govt. of India Mrs. Richa Bharadwaj (Assistant professor) Project Guide
  3. 3. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page3 TRAINING LETTER
  4. 4. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page4 DECLARATION I Abhishek Kumar Keshri I hereby declare that the summer training report entitled MARKET RESEARCH AND CUSTOMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE submitted for the PGDM (Post Graduate Diploma in Management) to the Approved by AICTE & Ministry of HRD, Govt. of India, through KNS WORLD MANAGEMENT COLLEGE , GURGAON. It is my original work and it has not been submitted to any other university or institution for the award of any degree or diploma. Place: Abhishek Kumar Keshri Date:
  5. 5. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page5 ACKNOWLEDGEMENT It is said, the most important single word is we and the zero important single word is I. This true even in today s modern era. It is absolutely impossible for a single individual to complete the assigned job without help and assistance from others. It is my greatest pleasure to acknowledge sincere gratitude towards Mr.Nikhil Shah (Sales Manager) Kotak Mahindra Life Insurance Company Ltd. GURGAON, for the completion of the project work. I would also like to acknowledge to my sincere gratitude to the project guide Mrs.Richa Bharadwaj for helping me in this project work. I am thankful to all of my friends and batch mates for their help in completing this project work. Finally, I am thankful to my entire family members for their great support and encouragement. Abhishek Kumar Keshri
  6. 6. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page6 Executive Summary The objective of the project was to do Market Research and customer satisfaction for Kotak Mahindra Life Insurance for that we have to understand the customer needs, Income, constraints, response and emotions So that they can contribute their time for becoming Life advisors for the Company. The objective of this study was to analyze consumer satisfaction of mechanical splicing in Gurgaon city with respect to the performance, sales effort and sales service. As the company was new and it was yet to be marketed to a large number of customers, it was essential to know the feedback of customers in order to formulate effective marketing and sales strategies in future and improve the quality of service to achieve better consumer satisfaction. The site visits and comparing made us possible to measure the satisfaction of consumer by identifying the attributes, which gave consumer-varying degrees of satisfaction. Questionnaire based on company format some attributes like requirement of customer and sales services offered by company were identified as critical (motivational) factors for providing satisfaction to consumers, while other factors like excisable deposit center, premium collocation was time to time and also intimation regaining before the collocation of premium. But absence of such hygienic factors definitely results in a dissatisfied consumer. These hygienic factors could result in selling but their absence can certainly unseal the product offering. For this a questionnaire was prepared which gave a vague idea about the people who were really interested and wanted to know about various new opportunities in the insurance sector. Go through questionnaire in different area and people in the Gurgaon city. The study was undertaken for Gurgaon region during two months. The researchers were given first 15 days for collection of data and scanning the data. The questionnaire contains various aspects like there. Address, their present age, profession, number of dependents, Goals and also planning for old age (Retirement) etc The second part of the study that consists of 40 days contains scanning the questionnaire and taking appointments. After that usually meeting the persons and tell them about the company. Most important part is analyzing the information.
  7. 7. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page7 TABLE OF CONTENTS S.I. NO DESCRIPTION PAGE NO 1 Executive Summary 6 2 Introduction Industry Profile Company profile Product profile 8 13 19 23 3 Need of the study Scope of the study Objective of the study 28 29 4 Research Methodology 30 5 Data Analysis & Interpretation 34 6 Finding 45 7 Conclusion & Recommendation 48 8 Limitations of study 51 9 Suggestion 53 10 Bibliography 55 11 Annexure 57
  8. 8. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page8 INTODUCTION
  9. 9. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page9 INTRODUCTION Wherever there is uncertainty there is risk. The risk cannot be averted. Therisk is uncertainty of the financial loss. We don t have any command on uncertainties. This makes it essential that we think in favor of a device that becomes instrumental in spreading the loss. It is in this context that we think about insurance. Protection against the possible chances of generating uncertain losses. It eliminates worries and miseries of losses or destruction of property and death. 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 earning member in the family unfortunate premature demise, your family can remain financially secure because of the life that you have purchased. The primary purpose of life insurance is therefore protection of the family in the even insurance is also seen as a tool to plan effectively for your future years. Your retire children s future needs. Today, the market offers insurance plans that not just cover your same time grow your wealth too. If you have dependents and financial responsibilities toward them, then you Certainly need. Having a family means dependant, which in turn means financial commitments. Finance comes in the form of loans, children s education,medical expenses etc. Imagine what would happen if you were to lose your life suddenly or become disabled being insured in a situation like this is a necessity. When you insured your life, in effect what you are doing insuring your earning capacity that your dependents will be able to continue living without financial hardships even in case
  10. 10. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page10 Most insurance plans available today come with a savings element built into it. These policies not only for a financially independents future, which were have a comfortable retirement. For example. Kotak preferred Retirement plans such as income plan and kotak Multiplier plan. Most insurance plans available today have a built in saving elements. Kotak preferred Retirement Plans meet your dual financial goals of life cover and savings for the future Collateral security. Life was t designed to be risk free. The key is not to eliminate risk, but to estimate it accurately and manage it wisely. Insurance sector have characteristic that give can boost to the growth of any economy .it is due to the savings done at the individual level and at micro level it generates funds for infrastructure building as the cash flow is constant while the payout is differed, so that the insurance companies are becoming biggest investors in long gestation infrastructure development projects and hence have a great Importance to the developing economy likeIndia. Insurance sector with an annual growth rate of 15-20% and the largest number of life insurance policies in force, the potential of the Indian insurance industry is huge.
  11. 11. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page11 INTRODUCTION OF THE TOPIC The purpose of this training was to have practical experience of working within the organization, in the field of marketing and to have exposure to the important management practices in field of marketing. While writing this report the language has been keep simple and the entire discussion has been logical and has coherent outlines. The main motto of the project work was Market Research and customer Satisfaction of KotakMahindra Life Insurance, Gurgaon 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 market research for finding out best sold plan of Kotak Mahindra Life Insurance, and second consist survey report of various consumers about there responses about satisfaction towards Kotak Mahindra Life Insurance Company.
  12. 12. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page12 INDUSTRY PROFILE
  13. 13. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page13 INDUSTRY PROFILE The industries, businesses and individuals are considerably by the services of 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.
  14. 14. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page14 HISTORY 1912: the Indian Life Assurance Companies Act enacted as the first stature to regulate the life insurance business. 1928: the Indian Insurance Companies Act enacted to the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended to the insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and Foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 core from the Government of India.
  15. 15. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page15 INSURANCE SECTOR REFORMS: 1) Structure Government stake in the insurance companies to be brought down to 50%. 2) Competition Private companies with a minimum paid up capital of Rs. 1bn should be allowed to enter the industry. No company should deal in both Life and General Insurance though a single entity. Foreign companies may beallowed 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) Investments Mandatory Investment of LIC Life Fund in government securities to be reduced from 75% to 50%. 5) Customer service LIC should pay interest on delays in payments beyond 30 days. Insurance Companies must be encouraged to set up unit linked pension plans. Computerization of operations and updating of technology to be carried out In the insurance industry. The committee emphasized that in order to improve the customer services and increase the coverage of the insurance industry should be opened up to competition.
  16. 16. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page16 ENTRANCE OF PRIVATE PLAYERS IN INSURANCE SECTORS India 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, less than 5 percent is spent on insurance. The insurance landscape in India is undergoing major changes. Close to foreign competition since nationalization in 1956, the life insurance industry had been protected from competitive pressures. Now, with the reopening of the sector, several new players have entered the scene. The acronym for the Insurance Regulatory and Development authority of India, it overseeing the insurance business in India. It protects the interests of the policyholders received and ensures orderly growth of the insuranceindustry and for matters connected there thereto. Beside Kotak Mahindra Life Insurance there are other 11 private players working in life insurance sector, which are as follows.  Allianz Bajaj Life Insurance Company Ltd. Allianz Bajaj Life Insurance Company Ltd. is a joint venture between Allianz AG (Largest insurer in Europe) and Bajaj Auto Ltd. incorporated on 12th march 2001.  AMP Sanmar Assurance Company Ltd. AMP Sanmar Assurance Company Ltd. is a joint venture between AMP, largest life insurer in Australia and New Zealand, Sanmar is one of the largest industrial groups in South India dealing in chlorochemicals and Shipping and Engineering.  Aviva Life Insurance Company Ltd. Aviva Life Insurance Company Ltd. is a joint venture between Dabur India and CGU is a wholly subsidiary of Aviva Plc (UK).  BI Life Insurance Company Ltd. India s largest bank SBI and Cardiff S.A, a leading insurer in France came together to from SBI Life.
  17. 17. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page17  Tata Life Insurance Company Ltd. Tata Life Insurance Company Ltd. is capitalized at Rs. 185 crore; of which 74% has been brought in by TATA Sons and the American partner bring the balance 26%.  ICICI Prudential Life Insurance Company Ltd. ICICI Prudential equity based stands at Rs. 675 Cr. With ICICI group and Prudential Plc 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 first companies to be granted license by the IRDA to operate in life insurance Sector. It was incorporated on 14th august 2000. HDFC is the majority Stakeholder in insurance JV with 81.4% stake and Standard life (largest mutual assurance company in Europe) has a stake of 18.6%.  ING Vysya Life Insurance Company Ltd. ING Vysya Life Insurance Company Ltd. is expected to be first bank Assurance venture in the country. Together they have roped in GMR group, which has wide-ranging interests in field such as power generation? Infrastructure, manufacturing, software and banking. As per JV agreement Vysya bank would hold 49% stake, ING (Europe, Dutch origin) 26% and GMR group would hold 25% of the stake.  MAX New York Life Insurance Company Ltd. It s a partnership between MAX India ltd and New York life, a Fortune 100 Company.  Met Life India Insurance Company Ltd. It was incorporated in April 2001 as a joint venture between Met Life International Holding, Inc, Jammu & Kashmir bank, and M. Pallonji and Company private Ltd.
  18. 18. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page18 COMPANY PROFILE
  19. 19. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page19 COMPANY PROFILE About Kotak Mahindra Old Mutual Life Insurance Ltd Kotak Mahindra Old Mutual Life Insurance Ltd is a 74:26 joint venture between Kotak Mahindra Bank Ltd., its affiliates and Old Mutual plc. The company started operations in 2001, and strives to offer its customers outstanding value through high customer empathy, consistent and benchmarked service and a suite of products that leverage the combined prowess of protection and long term savings. The company covers over 4 million lives and is one of the fastest growing insurance companies in India. About Kotak Mahindra Group Established in 1985, the Kotak Mahindra group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received a banking license from the Reserve Bank of India (RBI). With this, KMFL became the first non-banking finance company in India to become a bank – Kotak Mahindra Bank Limited. The consolidated balance sheet of Kotak Mahindra group is over Rs. 1.17 lakh crore and the consolidated net worth of the Group stands at Rs. 17,228 crore (approx. US$ 2.9 billion) as on June 30, 2013. The Group offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector. The Group has a wide distribution network through branches and franchisees across India, and international offices in London, New York, Dubai, Abu Dhabi, Mauritius and Singapore. Old Mutual Old Mutual provides life assurance, asset management, banking and general insurance to more than 14 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999. In the year ended 31 December 2012, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £262 billion of funds under management from core operations.
  20. 20. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page20 MILE STONES 1986 Kotak Mahindra Finance Limited starts the activity of Bill Discounting 1987 Kotak Mahindra Finance Limited enters the Lease and Hire Purchase market 1990 The Auto Finance division is started 1991 The Investment Banking Division is started. Takes over FICOM, one of India’s largest financial retail marketing networks 1992 Enters the Funds Syndication sector 1995 Brokerage and Distribution businesses incorporated into a separate company ‐ Kotak Securities. Investment Banking division incorporated into a separate company ‐ Kotak Mahindra Capital Company 1996 The Auto Finance Business is hived off into a separate company – Kotak Mahindra Primus Limited. Kotak Mahindra takes a significant stake in Ford Credit Kotak Mahindra Limited, for financing Ford vehicles. The launch of Matrix Information Services Limited marks the Group’s entry into information distribution. 1998 Enters the mutual fund market with the launch of Kotak Mahindra Asset Management Company. Kotak Mahindra ties up with Old Mutual plc. for the Life Insurance business. 2000 Kotak Securities launches kotakstreet.com ‐ its on‐line broking site. Formal commencement of private equity activity through setting up of Kotak Mahindra Venture Capital Fund. 2001 Matrix sold to Friday Corporation Launches Insurance Services 2003 Kotak Mahindra Finance Ltd. converts to bank
  21. 21. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page21 Vision and Mission Statement  An uncommon bond. Strengthened by a common vision. Apart from common beliefs, values and objectives we believe in the vision of a better tomorrow. It is this deep veneer of faith that has brought us together and fortified our bond.  The global Indian financial services brand Our customers will enjoy the benefits of dealing with a global Indian brand that best understands their needs and delivers customized pragmatic solutions across multiple platforms. We will be a world-class Indian financial services group. Our technology and best practices will be benchmarked along international lines while our understanding of customers will be uniquely Indian. We will be more than a repository of our customers' savings. We, the group, will be a single window to every financial service in a customer's universe.  The most preferred employer in financial services A culture of empowerment coupled with a spirit of enterprise, attracts bright minds with an entrepreneurial streak to join us and stay with us. Working with a home-grown, professionally-managed company, which has partnerships with international leaders, gives our people a perspective that is universal as well as unique.  The most trusted financial services company We will create an ethos of trust across all our constituents. Adhering to high standards of compliance and corporate governance will be an integral part of building trust.  Value creation Value creation rather than size alone will be our business driver.
  22. 22. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page22 Why Kotak Life Insurance Kotak Mahindra Old Mutual Life Insurance is one of the fastest growing insurance companies in India, trusted by over 4 million policyholders nationwide. The company is differentiated because of its proven ability to deliver outstanding value to its customers through high customer empathy and understanding, lifetime of exceptional service and suite of products that best leverage the combined prowess of Protection and Long term Savings - the two key elements that determine any winning life insurance product. The company also has among the best claim ratios in the industry, a solemn testimony to its business practices. Strengths Financial Acumen - Holds a stable and diversified portfolio and has received some of the highest ratings in financial strength from industry’s independent rating agencies. Disciplined fund management - Years of experience in asset management, and a strong track record in managing funds - backed by the acclaimed expertise of Old Mutual plc. Innovativeness - Innovator in providing pragmatic and need based life insurance solutions, with consistent emphasis on leveraging the combined prowess of protection and long term savings to the customer’s best advantage. Unrelenting Customer Focus - A highly committed sales force, with customer satisfaction as the key driving force Transparency in Services - Daily declaration of fund performances, regular performance benchmarking, well regulated asset management, and monthly newsletter on market updates
  23. 23. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page23 PRODUCT a) Kotak Flexi plan Advantages: 1. Choice of 5 professionally managed funds included Gilt Fund, Floating Rate Fund, Bond Fund, Balanced Fund, Growth Fund. 2. Add lump sum injections as and when suitable 3. Premium holiday facilities 4. Riders options for enhanced protection 5. Loan facilities in case of emergencies 6. Simplified documentation and procedures b) Kotak Retirement Income Plan The Kotak Retirement Income Plan is a savings plan designed to meet your post retirement needs. It is a plan that gives you jeene Ki azaadi by giving you the choice to remain independent even after retirement. Advantages: 1. In this plan minimum age of 18 years of old and maximum age is 60 years. 2. You may buy an annuity either from Kotak Life Insurance. 3. You can make lump sum injections into your policy at any time before retirement. 4. For a with cover plan you have the facility of Automatic cover Maintenance, which ensures that the cover remains in force even when youmiss the premium payments. This facility is available after the first 3 years of the term. 5. You may exercise the option of paying premium from the Supplementary Accumulation Account, created from will be created from lump sum injections, if the need arises.
  24. 24. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page24 c) Kotak Endowment Plan An Endowment policy is a combination of savings along with risk cover. These policies designed to accumulate wealth and at the same time cover your life. In simple words, issued for specific time periods during which you pay a regular premium. If you die during policy, your beneficiaries will receive the sum assured along with the accumulated bonus a outlive the Policy tenure you will receive the sum assured along with accumulated bonus. Advantages: 1 In this plan minimum age of 18 years of old and maximum age is 65 years. 2 You can take a loan against your policy has been in force for at least three years. 3 You have the option of paying premiums quarterly, half yearly or yearly. 4 You have the benefit of a 15-day free look period. d) Kotak Capital Multiplier Plan The Kotak Capital Multiplier Plan is a participating plan that is built in such a way that it allows your money to multiply, and gives you the flexibility of using this money the way you need it, in regular and irregular withdrawals. This is an endowment plan, which is very flexible and has a lot of in-built benefits. 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 or you can draw up to 50% of your basic sum assured or accumulation account, whichever is higher. 3) In addition to the regular premiums, you can make lum sum injection into your plan during the premium paying period. A Supplementary Accumulation Account will be created. 4) You have the facility of Automatic Cover Maintenance, which ensures that the policy remains in force even when you miss the premium payments. This facility is available after the first 3 years of the term.
  25. 25. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page25 e) Kotak Child Advantage Plan The Kotak Child Advantage Plan is an investment plan designed to meet your child s future needs. It is a plan that gives your child the azaadi to realize his/her dreams. This is an endowment plan where the life insured is the 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.
  26. 26. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page26 NEED OF THE STUDY
  27. 27. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page27 Need of the study The project report is all about market research to find out best sold plan of Kotak Mahindra Life Insurance, Gurgaon And to mouser the satisfaction level of consumers of Kotak Mahindra Life Insurance. Market research helps Kotak Mahindra Life Insurance about the best plan purchased by its consumer satisfaction level helps to know whether the consumers are satisfied by service/Plans of Kotak Mahindra Life Insurance.
  28. 28. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page28 SCOPE OF STUDIES
  29. 29. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page29 Scope of study The study will help understand the marketing scenario of Insurance Industry in Chennai Region. It may help the company to know its strength and weakness. The study may help to know the drawbacks of Kotak Mahindra life insurance as a competitor in the Insurance Industry. This study may help the company to know its position as a competitor in the Insurance Industry. This will add value to know the most preferable product of the company among the customers.
  30. 30. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page30 OBJECTIVE OF THE STUDY 1) To determine the present brand position of the Kotak Mahindra life insurance. 2) To study the customer satisfaction level of KotakMahindra Life Insurance; The main objective of the project was to analyze consumer satisfaction of Kotak Mahindra Life Insurance with other services in Gurgaon. And also present position of the company. 2) To determine the market share of different brands: The second objective of the project was to determine the market share of different brands available in the market. There was a tough competition for the brand in the market. Therefore to get establish, company had to make its competitor’s analysis and need to determine where do they stand. 3) Responses of customer: Responses from them were collected through survey and for the Questionnaire were prepared for both of them. 4)To find the market share of Kotak Mahindra Life Insurance. 5) To know competitor strength and weakness. 6) To showcase the consumers’ willingness to spend on life insurance.
  31. 31. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page31 RESEARCH METHODOLOGY
  32. 32. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page32 RESEARCH METHODOLOGY Research is an art of scientific investigation through search for new facts in any branch of knowledge. It is a moment from known to unknown. Research always starts with a question or a problem. Its purpose is to find answers to questions through the application of the scientific method. It is a systematic and intensive study directed towards a more complete knowledge of the subject studied. As marketing does not address itself to basic or fundamental question, it does not qualify as basic research. On the contrary, it tackles problems, which seem to have immediate commercial potential. In view of the major consideration, marketing research should be regarded as applied research. We may also say that marketing research is of both types problem solving and problem oriented. Marketing research is as systematic and objectives study of the problems pertaining to the marketing of the goods and services. It may be emphasized that it is not restricted to any particular area of marketing, but is applied to all the phases and aspects.
  33. 33. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page33 METHOD OF DATA COLLECTION 1) Data to be collected. Data includes facts and figures, which are required to be collected to achiever the objectives of the project. In order to determine the present position and satisfaction of customer of kotak Mahindra Life Insurance. a) Primary Data The data that is being collected for the first time or to particularly fulfill the objectives of the project is known as primary data. These types of data were, - The market share of Kotak Mahindra Life Insurance. - The market share of other brands available in the market. - Responses of consumer. - Identifying pros and cons of the brand. The above primary data were collected through responses of consumer was conducted through questionnaires prepared for them. b) Secondary Data Secondary data are that type of data, which are already assembled and need not to collected from outside. These types of data were i) Company Profile ii) Product Profile iii) Competitors Profile The aforesaid data were collected through Internet and company s financial report.
  34. 34. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page34 2) Data Collection Method For given project, the primary data, this needed to collect for the firsttime, were much significant. This type of information gathered through Survey technique, which is the most popular and effective technique forCorrect data collection. The survey was completed with the use of questionnaires 3)Sampling Sample is the small group taken under consideration from the total group. This small group represents the total group. In the project the market research, which was ask to be studied was Gurgaonmarket but as it was possible to approach all the respondent s customer of the city, hence a sample was selected which represents the whole city. The areas selected for the sample are present further in the appendix. Sample size of customer list was taken from Kotak Mahindra Life Insurance customer data basic. 4)Universe Population of Gurgaon ncr. 5) Sample Design Sampling refers to the method of selecting a sample from a given universe with a view to draw conclusions about that universe. A sample is a representative of the universe selected for study. Convenience sampling is used in exploratory research where the researcher is interested in getting an inexpensive approximation of the truth. As the name implies, the sample is selected because they are convenient. This non probability method is often used during preliminary research efforts to get a gross estimate of the results, without incurring the cost or time required to select a random sample 6)Sample Size The sample size for the survey conducted was 100 respondents. 7) Sample Technique Convenience sampling technique was used in the survey conducted. Simple random sampling- In this each unit of population has equal chance of being included in the sample.
  35. 35. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page35 DATAANALYSIS & INTERPRETATION
  36. 36. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page36 1) Personal detail: ANALYSIS Above diagram consist five classes of different age groups. Here customer 19 customer biloges to 25-35 age groups, 16 customers fall in the age group 35-45 years. Other 8 customer comes are in the class 45-55 years the age group of 18-24 Consists four customer reaming customer is in age group 55-65 years. Here majority of customer belong to the group 25-35 years. 0 2 4 6 8 10 12 14 16 18 20 18-24 24-35 35-45 45-55 No of Respondents No of Respondents Class (Age) Noof respondents 18-24 4 24-35 19 35-45 16 45-55 8 55-65 1
  37. 37. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page37 (2) 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 ANALYSIS To these question 45 consumers reported YES and 5 consumers reported NO. No of Respondents Yes No
  38. 38. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page38 (3) Which are the companies you invested your money for life insurance? companies No of Respondents % of 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 insurance 25 18.52 SBI 5 3.70 ANALYSIS From the above figure we come to know that customer is also investing Money in other life insurance companies. The major player in insurance is LIC holding 22.22% of total sample. The second major player ICICI is Holding 18.52%. HDFC and AIG are having equal share of 7.41% & the Max New York & SBI are having 3.70%. No of respondents Kotak Mahindra Life Insurance LIC Bajaj Allianz Tata AIG Max New york life inusrance HDFC Life Insurance ICICI Prudential Life Insurance SBI
  39. 39. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page39 (4) Why did you choose Kotak life insurance? No of respondents % of respondents ROI 18 36 Peer pressure 15 30 Tax benefit 10 20 Security / safety 2 24 Low premium 5 10 TOTAL 50 100 ANALYSIS The above diagram shows 36% of respondents choose because of good Returns, 30% because of peer pressure and remaining 24% opt. Because of Tax benefit, safety and 100 premiums respectively. NO of Respondents ROI Peer Pressure Tax Benefits Security / Saftey Low premium
  40. 40. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page40 (5) Which of the following planed you is insured? No of respondents % of 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 Total 50 100 Note. Some of customer is having more than one plan total survey customers are ANALYSIS No of Respondents kotak flexi plan kotak retirement plan kotak endowment plan kotak capital multiplier plan child advantage plan
  41. 41. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page41 From 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 advantage respectively. (6) What kind of service you expect from insurance provides? No of respondents % of respondents Easy access ability to deposit centre 20 31 Time to time premium collection 12 19 Provision in case of dues 8 13 Bonus and other schemes 24 37 TOTAL 64 100 Note. Some of customer are expecting more than single service. ANALYSIS Out of total 50 respondents 37% like to have bonus and other service as a prime concern, 13% like to have provision in case of dues and remaining 31% & 12% respondents say. They need time-to-time premium collection and easy accessibility to deposit center as a concern before choosing Insurance provider. NO OF Respondents Easy access ability to deposit centre Time toTime premium collection Provision in case of dues Bonus and other schemes
  42. 42. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page42 (7) How will you rate the service given by Kotak Mahindra Life Insurance? No of respondents % of respondents Poor - - Average 16 32 Good 28 56 Excellent 6 12 TOTAL 50 100 ANALYSIS Out of 50 respondents 57% have ratted Kotak Mahindra Life Insurance Services as good and 32% have ratted as average. And remaining 12% have ratted as Excellent. No of respondents poor Average Good Excellent
  43. 43. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page43 (8) What difference you find between Kotak and your previous insurance provider? No of Respondents % of respondents Good Return 16 21 Effective Service / liquidity 12 15 Tax Planning 28 36 Security / Saftey Benefit 22 28 TOTAL 50 100 Note. Some of customers are having more than one plan more Benefit are expected in one plan. Total surveys of customers are 50. No of respondents Good Return Effective sevice/ Liquidity Tax Planning Security/ Saftey Benefit
  44. 44. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page44 (9) Do you have any suggestion for Kotak Mahindra Life Insurance? Yes__________ NO______________ YES NO TOTAL NO of respondents 39 11 50 % of respondents 78 22 100 ANALYSIS To this question 39 consumers reported YES and 11 consumers reported NO. No of Respondents Yes No
  45. 45. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page45 (10) 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 ANALYSIS To these question 32 consumers reported YES and 18 consumers reported NOss No of Respondents YES NO
  46. 46. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page46 OBSERVATION & FINDINGS
  47. 47. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page47 OBSERVATIONS Majority of the customer s belonged to age group of 25-35years that is 19 consumers. 45 consumers think Life Insurance is essential for them. 135 respondents are investing in life insurance companies likeKotak Life Insurance, LIC, Tata Allianz, Max New York HDFC, ICICI and SBI. 36 percentages of the total respondents invest in KotakMahindra Life Insurance for getting high ROI. Most of respondent s preferred kotak Flexi Plan. 37.5 percentage respondents expect bonus and other schemes a) from Kotak Mahindra Life Insurance. 56 percentage respondents satisfied with services given by a) Kotak Mahindra Life Insurance. As per 28% of despondence Kotak Mahindra Life Insurance a) providers good tax benefits to the Investors. 64% of respondents are willing to purchased policies from a) Kotak Mahindra Life Insurance in future.
  48. 48. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page48 FINDINGS  There is significant difference between Kotak Mahindra and other brands.  Middle Income group constitutes largest contributor to Investment in the company.  KSIP is the most sought after investment scheme for Kotak Mahindra.  ICICI Pru is giving tough competition to Kotak Mahindra on most of the variables selected for study.  Other company advisors have better product knowledge than most of established companies.  Other company have better promptness of claim settlement than most of the established companies.
  49. 49. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page49 CONCLUSION & RECOMMENDATIONS
  50. 50. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page50 CONCLUSION After conducting market research for Kotak Mahindra Life Insurance Company we came to know different needs of consumers, their valuable suggestions, responses to the different questions. With this information we can conclude that there is good market awareness about Kotak Mahindra Life Insurance Company in the market. Customer satisfaction level of most respondents is higher for KotakMahindra Life Insurance Company, which is provided by survey. Higher satisfaction level of Kotak Mahindra life insurance company was monthly due to Kotak provides good tax benefit for the consumers also ROI, security etc. Kotak Mahindra Flex s plan is the best-sold plan in market by KotakMahindra Life Insurance. This conveys that the customer s are switching to Retirement plan.
  51. 51. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page51 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 their 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.
  52. 52. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page52 LIMITATION
  53. 53. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page53 Limitation  Sample is also collected from various areas in Gurgaon.  The sample size was limited to 100 consumers attached to this office.  The time available to the researcher was limited. This necessitated the use of small sample size.  The study covered the consumers attached to this office. The observation and conclusions apply to these consumers and cannot be generalized for all consumers of Kotak Mahindra.  The observations and conclusions are based on the responses of the consumers who chose to respond. The views of those who declined to participate in the study are not represented.  The accuracy of the study depends on the correctness of the responses of the respondents.
  54. 54. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page54 SUGGESTION
  55. 55. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page55 SUGGESTION  The company should give training to its advisors to enhance product knowledge of the company.  The company should create awareness about its product and schemes highlighting returns given by the company to its investors.  The company should come out with Investment schemes catering to low Income group to penetrate into this segment.  Company should enhance its promptness of claim settlement.  The company should introduce new product for the rural areas also.
  56. 56. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page56 BIBLIOGRAPHY
  57. 57. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page57 REFRENCES REFERENCE BOOKS  Philip Kotler, Kevin Lane Keller, Abraham Koshy, MithileshwarJha (2008), Marketing Management, 13th edition, Pearson education, New Delhi  K. Kundan (2009), Marketing Aptitude Test, BSC Publication, Delhi  Statistical methods by Dr. S.P. Gupta, sultan Chand &son’s educational publishers, New Delhi.  Business Research methods by William G. Zikmund, 7th edition, printed by India Binding house, Ninth Indian Report, 2009 WEBSITE REFERED www.google.co.in www.wikipedia.com www.kotaklifeinsurance.com www.businessindiaonline.com www.iciciprulife.com
  58. 58. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page58 ANNEXURE
  59. 59. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page59 ANNEXURE 1) Personal detail Name: Age 18-24 ______ 25-35______ 35-45______ 45-55_______ 55 and above Phone No. Email. Office Address: - Residential Address: - ____________ _______________ ____________ _______________ ____________ ________________ 2. Do you think is it essential to have Life Insurance? YES___________ NO__________ 3. Which are the companies you invested your money for Life Insurance? a) Kotak Mahindra Life Insurance b) LIC C) Bajaj Allianz d) Tata AIG e) Max New York Life Insurance
  60. 60. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page60 f) HDFC Life Insurance h) ICICI Prudential Life Insurance I) SBI 4. Why did you choose Kotak Life Insurance? a) ROI b) Peer Pressure c) Tax Benefit d) Security /safety e) Low Premium 5. Which of the following planed you is insured? a) Kotak Flexi plan b) Kotak retirement Plan c) Kotak Endowment Plan d) Kotak Capital Multiplier Plan e) Kotak Child Advantage Plan 6. What kind of services you expect from insurance provides? a) Easy access ability to Deposit Center b) Time to time premium collection c) Provision in case of Dues (Policy Lapse) d) Bonus & other schemes
  61. 61. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page61 7. How will you rate the services given by Kotak Mahindra Life Insurance? a) Poor b) Average c) Good d) Excellent 8. What difference you find between Kotak & your previous Insurance Provider. a) Good Returns (HIGHEST) b) Effective Service/Liquidity c) Tax Planning d) Security/ Safety Benefit & Protection on your Capital 9. Do have any suggestion for Kotak Mahindra Life Insurance? YES____________ NO______________ 10. In future, will you purchase policies from Kotak Mahindra Life Insurance? YES__________ NO______________
  62. 62. MARKET RESEARCH AND CONSUMER SATISFACTION OF KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD. WCTM, GURGAON Page62 11 Which plan do you prefer of kotak life insurance? a) KSIP Plan b) Money Back Plan c) Children Plan d) Pension plan 12. How would you rate the promptness of claim settlement with regards to other companies? COMPANIES EXCELLENT GOOD AVERAGE POOR ICICI PRU.L KOTAK LIFE BAJAJ ALLIAANZ TATA AIG OTHERS 13. Are you satisfied with the returns from your investment in Kotak Mahindra in comparison to other companies?

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