A critical study on using the digital platform by agents of insurance companies in Kanpur

1. PRESENTATION ON PROJECT
REPORT
A CRITICAL STUDY ON USING
DIGITAL PLATFORMBY AGENTS OF
INSURANCE COMPANIES IN KANPUR
BY:-
MUKESH SINGH
1818170043
MBA 3RD SEMESTER
Under the guidance of
Mrs. Reetu Singh

2. CONTENT-
 Introduction of Topic
 Company Profile
 Objective of study
 Research Methodology
 Findings
 Conclusion
 Recommendations
 Limitations

3. INTRODUCTION OF TOPIC
This project undertaken deals with customer perception with regard to Insurances that is the
schemes they prefer, the plans they are opting, the reasons behind such selections and also this
project dealt with different investment options, which people prefer along with and apart from
Insurances. Like postal saving schemes, recurring deposits, bonds, and shares. The findings from
this project is that most of the people are hesitant in going for new age investments like
Insurances and prefer to avert risks by investing in less riskier investment options like recurring
deposits and so. Also people going for investment in Insurances are not going for high-risk
portfolios and schemes but want to go for medium risk elements. And another finding is that most
of the workingwomen does not prefer this type of investments.
Insurances pool money from different investors and invest in different investment sources like
stocks, shares, bonds etc. A professional fund manager manages these and returns are paid in
form of dividends. Some schemes assured fixed returns that are less in risk and some offer
dividends based on the market fluctuations and prices. Insurances have to be subscribed in units
and the purchase or sale is dependent on NAV (Net Asset Value), taking into consideration the
exit and entry load factors into account.

4. COMPANY PROFILE
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.

5. KOTAK LIFE INSURANCE
TYPE PRIVATE
INDUSTRY INSURANCE
FOUNDED 2001
HEADQUARTERS MUMBAI
KEY PEOPLE Mr. UDAY KOTAK, CHAIRMAN
REVENUE 291 CRORE INR
NUMBER OF BRANCHES 232 IN 167 CITIES AND TOWNS
WEBSITE www.insurance.kotak.com
PARENT ORGANIZATION KOTAK MAHINDRA BANK
PRODUCTS AND SERVICES RURAL PLANS, TERM PLANS, SAVINGS, CHILDREN, RETIREMENT AND
INVESTMENT PLANS

6. OBJECTIVE OF STUDY
This study will help to evaluate the present position of digital engagement of users in Insurance
company services. The study eventually helps to identify the vital reason why agents moving
towards digital platforms, in which way consumers will satisfied.
And also following objectives are focused:-
1. To evaluate the agent perception and expectation towards the digitalization of
insurance.
2. To identify the adoption and agent engagement of digital platforms.
3. To evaluate the awareness and satisfaction towards KOTAK MAHINDRA INSURANCE.

7. RESEARCH METHODOLOG
Research Design:
Descriptive research design is a scientific method which involves observing and describing
the behavior of a subject without influencing it in any way.
Descriptive Research Design had used for the purpose of survey as it had enabled us to
describe the characteristics of a particular group of insurance agent and their tendency
towards Insurances.
Sampling Method:
For this research Convenience sampling had used for data collection purpose.
Sample Size:
For this survey 80 Financial Agents of Kanpur city to have better idea and representative of
the population being surveyed.

8. Source of data
There are mainly two sources for collection of data is used that is primary as well as
secondary sources.
• Primary Source Information
Obtaining data by Financial Agents
• Secondary Source Information
 Internal: Companies internal information & Database
 External: Books, Magazine, journals.
Research Instrument:
A detailed questionnaire had used for purpose of survey
Data analysis tool:
• Microsoft Excel for the data analysis.
• Tables and Charts for Graphical Representation.

9. FINDINGS
 Most of the respondents have more than 5 years of experience as a financial Agents.
 Majority of the financial Agents are selling insurance to their Friends and relative members.
 Male financial Agents are more interested in Insurance Business rather than Female financial
Agents.
 Most of financial Agents have 0 to 100 client bases.
 36 % financial Agents are believing that Insurance is risky product
 Only 11 % financial Agents are aware about return of Insurance.
 Only 18% financial Agents are aware about commission of Insurance.
 Many financial Agents are connected with insurance sector
 There is lack of interest in Young financial Agents to become an Insurance Agent

10. The Company has good reputation in the market; however, it requires some efforts to increase the
level of awareness in the market. If company gives the continuous advertisement about the benefits
and advantages of Insurance in local TV channel and newspapers then it can be a popular tool for
the customer and if the customer are aware about the Insurance and they demand for it the general
Agents have no choice other than that.
Due to lack of awareness about Insurances they are not investing in it. Hence, it is necessary to
educate them by arranging some educational seminar to show them how to invest in Insurances?
What is the liquidity? What is the risk covered in Insurances?
Many of the people don’t know the different schemes available at market for investing their money
into the different Insurances.
Approximately all types of funds give desired return if investment is done with a long-term
commitment.
CONCLUSION

11. People have suffered a lot from past bitter experience, so KOTAK tries to remove these from the
mind of people and Agents.
Overall, we can say that there is a large potential market for Company. Only what the
Company is required to do is to build trust & confidence of customer.
Lastly, we can say that KOTAK MAHINDRA INSURANCE has bright future for the coming years
and we hope this project report will help them to knowing various perceptions regarding various
customers and fulfill their demand.

12. RECOMMENDATIONS
 In Kanpur branch, some of the partners are not satisfied with the service provided by the
Kotak Mahindra Insurance. So it should provide their best service to the KOTAK partner for
growth of the business.
 MFs cannot simply attract savings by mere small investors who have become very discerning
in selecting Insurances.
 Kotak Mahindra Insurance. Should give safety attributes because insurance agents are more
concerned about safety of the investment of their client.
 Find new Young financial Agents in this segment because they easy to accept new
technology and change.

13. Every research has its own limitation and present research work is no exception to this general rule
the inherent limitation of the study is as under.
 Personal approach, which was followed in the present research work, is relatively more time
consuming. In addition to this is a very expensive method, especially when spread
geographically sample is taken.
 We have address of so many people but because of their personal work we can’t meet.
 It is very time-consuming process few agents refused to give answers
LIMITATIONS