3. The research was conducted to study the level of awareness about insurance and
market share of different life insurance companies.
The reasons of lack of awareness of insurance are ---------
1. High illiteracy rate
2. Lack of investing capacity of the people.
3. Lack of interest & knowledge in insurance.
4. Lack of proper guidance.
5. Casual approach towards life insurance.
4. Project objective
• To find out the cause of lack of awareness of insurance.
• To find out the level of awareness of Insurance.
• To find out the present market share of private companies & L.I.C.
• To find out the level of awareness of the name of the Bajaj Allianz Life
Insurance Company Limited.
• To find out the present market share of Bajaj Allianz .
5. Methodology adoPted in the Project
• DATA SOURCE - Preliminary data gathering was done from the market apart from
valuable information obtain from Bajaj Alliance. Past records interviews conducted
with their competitor to collect information. Investigation methodology is a way to
reach a definite solution.
• DATA COLLECTION METHOD- A project unbiased questionnaire has been
formulated to collect the primary data consisting of closed - end question and
open - end question and secondary data has been collected directly from
company, with the help of company yearly record and other report .
• PRIMARY SOURCE OF DATA- Primary source of data were collected mainly
from structured undisguised Questionnaire’s in Kolkata.
• SECONDARY SOURCE OF DATA- Secondary source of data were mainly
collected from the internal source like company past records .
• SAMPLE SIZE - It is needed to estimate or to decide the mean of the universe ,
after discussion with Manager it was decided that at least 200 sample from
Kolkata to be taken to make the study effective
6. Findings & analysis
In the region of Kolkata awareness of insurance is much higher as compare to the
whole India but much lower than the other big cities in the world.
In Kolkata 51% people are aware about insurance OUT OF WHICH 33% people are
insured which is lower than the other cities.
The main reason of lack of awareness is –
High illiteracy rate
Lack of investing capability of the people
Lack of interest and knowledge in insurance
Lack of proper guidance
Treating insurance as a tax saving instrument
In Kolkata Life Insurance Corporation of India has captured maximum market share
of 75% while other private insurance has captured 25% of market share.
Among the private insurance companies ICICI Prudential has acquired 6.9%
market share while Baja Allianz acquired 3.9 % market share.
7. MARKET SHARE OF DIFFERENT INSURANCE COMPANIES
[Source:Secondary Data]
COMPANIES NAME MARKET SHARE
L.I.C. 75%
ICICI Prudential 6.90%
Bajaj Allianz 3.40%
I.N.G.Vysya 0.70%
A.M.P. Sanmar 0.50%
S.B.I. Life 2.50%
Tata A.I.G 1.70%
H.D.F.C Standard 2.20%
Birla Sulife 2.90%
Aviva 1.30%
Kotak Mahindra
C 1.20%
Max Newyork 1.10%
MetLife 0.40%
Sahara Life 0.20%
8. analysis
51
50.5
50
49.5
49
48.5
48
Aware of Unaware of
insurance insurance
Series1 51 49
PERCENTAGE OF AWARENESS OF INSURANCE AMONG PEOPLE IN KOLKATA ANALYSIS
• Survey result shows that there are 51% of people aware of insurance in Kolkata which is much
lower than other developing countries.
9. 70
60
50
40 Insured persons
30
Non Insured
20 persons
10
0
Insured Non Insured
persons persons
PERCENTAGE OF INSURED PERSION IN KOLKATA
ANALYSIS
• Survey result shows that there are 33% of people are insured in Kolkata which is
much lower than other developing countries .
10. 80
70
60
50
40 LIC
30
Privet Insurance
20
company
10
0
LIC Privet Insurance
company
MARKET SHARE OF MARKET LEADERLIC & OTHER PRIVATE COMPANY IN KOLKATA
ANALYSIS
Survey result shows that market share of market leader LIC is 75% where as other private
companies is 25%in kolkata .
11. 80
75 LIC
ICICI PRODENCIAL
70
BAJAJ ALLIANZ
60 ING VYSYA
AMP SANMAR
50
SBI LIFE
TATA AIG
40
HDFC STANDARD
BIRLA SUNLIFE
30
AVIVA
20 KOTAK MAHINDRA
MAX NEWYORK
10
6.9 MET LIFE
3.4 2.9
2.5
1.7 2.2 1.3 1.2 1.1 SAHARA
0.7 0.5 0.4 0.2
0
1
MARKET SHARE OF MARKET LEADER LIC & OTHER PRIVATE COMPANY IN KOLKATA
12. •
sUggestions
The suggestions are based on the findings & analysis of the Market survey.
• The suggestions are as follows:
• Advertisement is very necessary to increase the awareness of insurance & to capture the market.
• Provide customer gift
• Provide the attractive scheme like premium holiday
• Reduce the minimum premium amount for rural & poor people to capture the rural market.
• Provide monthly base or weekly base or even if possible daily base premium payment option for
poor people.
• To overcoming the competitors & present market situation, company should go for promotional
activity like coupon, value added sponsorship events etc.
• Company should improve the quality of the service of the customer.
• Company should market its products aggressively.
• The company should employ the effective agents who are capable to convince people on his own
way.
