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Analyzing customer decision making process in insurance services

This winter internship report by Anand Singh Tomar analyzes the customer decision-making process in insurance services at AIM India Pvt. Ltd. over a four-week period. It includes sections on the insurance sector, company overview, project methodology, findings, and suggestions for improvement. The report provides insights into the growth and challenges of the Indian insurance industry, along with key statistics and trends.

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WINTER INTERNSHIP REPORT Analyzing customer decision making process in insurance services done at AIM India Pvt. Ltd. by Anand Singh Tomar DM17B04 under the guidance of Shivani Gupta HR Area Manager
Winter Internship Report, Pune Institute of Business Management, Pune 2 ACKNOWLEDGMENT A four-week Industry training is a golden opportunity for learning and self-development. I consider myself very lucky and honored to have so many wonderful people lead me through in completion of this project. At the outset, I would like to express my deep sense of gratitude and sincere thanks to Ms. Shivani Gupta HR Area Manager, for providing an opportunity to discover the corporate world, from a close perspective. I take this opportunity to extend my sincere gratitude to Mr. Himalyay Sethi, Director, AIM India New Delhi for giving me an opportunity to undertake internship training and the project on the topic Analyzing customer decision making process in insurance services. Last but not the least I am grateful to entire staff of AIM India branch, who helped me to collect relevant data and get the real gist of current market scenario. I also thankful to Dr. Govind Nath Srivastav my internal guide for this project to whom I am deeply grateful for his constant support and guidance without which it would not have been possible for me to complete this project on time. I would also like to express my heartfelt wishes to AIM India, for making these four weeks a stepping-stone for my career.
Winter Internship Report, Pune Institute of Business Management, Pune 3 COMPANY CERTIFICATE
Winter Internship Report, Pune Institute of Business Management, Pune 4 Contents ACKNOWLEDGMENT.............................................................................................................................2 COMPANY CERTIFICATE.....................................................................................................................3 1. PROJECT SYNOPSIS..........................................................................................................................6 2. ABOUT THE SECTOR.........................................................................................................................7 Top companies in insurance sector are: .........................................................................................8 Evolution of Insurance sector ...........................................................................................................9 India insurance industry growth in last few years .....................................................................9 India’s current market continues to be strong .......................................................................10 India insurance industry contribution to GDP ..........................................................................11 In terms of policies sold following are the top insurers in India:..........................................11 India insurance industry - some key findings.............................................................................12 India insurance product composition...........................................................................................13 General Insurance ..........................................................................................................................13 Life Insurance..................................................................................................................................14 Top Insurance Policies......................................................................................................................15 India insurance industry major problems ...................................................................................17 Why are more people taking insurance policies?.......................................................................17 Porter’s Five Forces Model of Insurance Sector ........................................................................17 3. ABOUT THE COMPANY & DEPARTMENT .................................................................................19 AIM India Vision.................................................................................................................................21 AIM India Mission ..............................................................................................................................21 AIM India Services.............................................................................................................................21 Internship Services ........................................................................................................................21 Compliance Services......................................................................................................................22 Accounting Services.......................................................................................................................22 Taxation Services ...........................................................................................................................23 Training & Development Services..............................................................................................24 Recruitment Services ....................................................................................................................24 Consulting Services........................................................................................................................25 Insurance Services .........................................................................................................................25 Mutual Funds...................................................................................................................................26 Retirement Planning .....................................................................................................................27 International Expansion Services ..............................................................................................27
Winter Internship Report, Pune Institute of Business Management, Pune 5 Wealth advisory services ..............................................................................................................28 AIM India Product .............................................................................................................................28 India First Life Insurance ............................................................................................................28 Highlights of Maha Jeevan Product ..........................................................................................29 Joint Ventures of India first Life Insurance............................................................................29 SWOT Analysis ....................................................................................................................................30 Strength.............................................................................................................................................30 Weakness...........................................................................................................................................30 Opportunities...................................................................................................................................30 Threats...............................................................................................................................................30 Organizational Structure of AIM India ........................................................................................31 Recruitment & Selection Process of AIM India ..........................................................................31 For Interns........................................................................................................................................31 For Final Placement.......................................................................................................................31 4. INTERNSHIP SUMMARY.................................................................................................................32 Sales Process Summary ....................................................................................................................33 Winter Internship Achievements: ..................................................................................................37 5. PROJECT DESCRIPTION ...............................................................................................................38 Project Title: Analyzing customer decision making process in insurance services .........38 Methodology.....................................................................................................................................38 Research Design..............................................................................................................................38 Target Population...........................................................................................................................38 Sample Frame..................................................................................................................................38 Sample Size ......................................................................................................................................38 Sampling Techniques.....................................................................................................................38 Data Collection................................................................................................................................39 Data Analysis Tools ........................................................................................................................39 6. LEARNING/ FINDING.......................................................................................................................40 7. SUGGESTION .....................................................................................................................................51 8. REFERENCES.....................................................................................................................................52 Annexure
Winter Internship Report, Pune Institute of Business Management, Pune 6 1. PROJECT SYNOPSIS Project Title Company Name Student Name Student Roll No External Mentor Name External Mentor Designation Internal Mentor Name Confidential Report (Yes/No) Duration of project Project Summary Analyzing customer decision making process in insurance services. AIM India Pvt Ltd Anand Singh Tomar DM17B04 Shivani Gupta HR Area Manager Dr. Govindnath Srivastav No 32 days Project was to know decision-making process of customers while buying an insurance policy. I with the help of AIM India designed a questionnaire for the project. So, through online platform & telephonic interviews, i collected data filled by respondents in questionnarie and completed my project with new learnings, findings and achievements.
Winter Internship Report, Pune Institute of Business Management, Pune 7 2. ABOUT THE SECTORi Insurance in India refers to the market for insurance in India which covers both the public and private sector organizations. It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central government. The insurance industry of India consists of 57 insurance companies of which 24 are in life insurance business and 33 are non-life insurers. The Confederation of Indian Industry states that the insurance sector of the country has been witnessing a consistent growth rate of late and its present worth is 41 billion US dollars. The industry has of late achieved a yearly growth rate within 32 and 34 percent and this makes it the 5th best among emerging economies around the world. The various entities of the industry are also bringing out newer products on a regular basis to attract their customers. As per rules, the upper limit of foreign direct investment permitted in this sector is 26 percent. However, this has to be done through the automatic route and the investor needs a license from Insurance Regulatory and Development Authority (IRDA). Among the life insurers, Life Insurance Corporation (LIC) is the sole public-sector company. Apart from that, among the non-life insurers there are six public sector insurers. In addition to these, there is sole national re-insurer, namely, General Insurance Corporation of India (GIC Re). Other stakeholders in Indian Insurance market include agents (individual and corporate), brokers, surveyors and third-party administrators servicing health insurance claims.
Winter Internship Report, Pune Institute of Business Management, Pune 8 Top companies in insurance sector are:ii Company Market share LIC 50% ICICI 10% SBI 5% Bajaj 4% Reliance 5% HDFC 6% Birla 4% Max 3% Tata 2% Met Life 1% Kotak 2% India first life insurance 1% Others 7% 50% 10% 5% 4% 5% 6% 4% 3% 2% 1% 2% 1% 7% Market share LIC ICICI SBI Bajaj Reliance HDFC Birla Max Tata Met Life Kotak India first life insurance Others
Winter Internship Report, Pune Institute of Business Management, Pune 9 Evolution of Insurance sectoriii  All life insurance companies were nationalized to form LIC in 1956 to increase penetration and protect policy holders from mismanagement  The non-life insurance business was nationalized to form GIC in 1972  Malhotra Committee recommended opening up the insurance sector to private players  IRDA, LIC and GIC Acts were passed in 1999, making IRDA the statutory regulatory body for insurance and ending the monopoly of LIC and GIC  Post liberalization, the insurance industry recorded significant growth; the number of private players increased to 44 in 2012(1)  The industry has been spurred by product innovation, vibrant distribution channels, coupled with targeted publicity and promotional campaigns by the insurers  In December 2014, Government approved the ordinance increasing FDI limit in Insurance sector from 26 per cent to 49 per cent. This would likely to attract investment of US$ 7-8 billion  In 2015, Government introduced Pradhan Mantri Suraksha Bima Yojna and Pradhan Mantri Jeevan Jyoti Bima Yojana  Government introduced Atal Pension Yojana and Health insurance in 2015  As per Union Budget 2016-17, new health insurance scheme under the National Health Protection Scheme has been introduced  In Union Budget 2017, government increased the coverage from 30 per cent to 40 per cent under Pradhan Mantri Fasal Bima Yojna.  Insurance companies raised more than US$ 5 billion from public issues. India insurance industry growth in last few yearsiv The life insurance companies have performed the best when it comes to growth with an increase of almost 70% in new premium that has been collected in the initial 5 months of 2012. As per IRDA data, in April-August 2010 the insurance companies earned $11.73 billion in new premium - in the corresponding period in the previous year the amount stood at 6.9 billion dollars. LIC, a state held insurer, had been the biggest profit maker at that time with an addition of 88% to their existing business. The privately-owned insurers together had seen a leap of 34% to their policy sales. ICICI Prudential earned 576.60 million dollars at that time. During April-August 2009 SBI Life had earned $379.20 million in sales of new policies and that figure went up to $531.87 million in the corresponding period in 2010 making it an increase of 40%. HDFC Standard Life also experienced a good growth of 54% in new sales. IRDA data shows that between April and October 2010 the general insurance industry experienced a year-on-year growth of 22.76% with regards to underwritten gross premium.
Winter Internship Report, Pune Institute of Business Management, Pune 10 The total value of that premium was 5.29 billion dollars while the same figure stood at $4.31 billion in April-October 2009. For the public-sector companies, the year-on-year growth rate was 21.09 percent between April-October 2010 and April-October 2009. In the same period the privately held insurers saw an increase of 25.19 percent in terms of premium collected. Among the publicly owned entities, New India Insurance was one of the better performers with a premium income of 916.77 million dollars in April-October 2010. At the same period in 2009 they had earned 770.25 million dollars which implies a growth rate of 19.04%. The IRDA Summary Report of Motor Data of Public and Private Sector Insurers 2009- 10 states that in the same period almost 28.4 million policies were sold and the aggregate worth of premium collected was $2.31 billion. The health insurance sector, according to the RNCOS' research report named "Booming Health Insurance in India" posted unprecedented growth rates in 2008-09 and 2009-10. The report also estimates that between the 2009-10 and 2013-14 the sector would see a compound annual growth rate (CAGR) of at least 25%. India’s current market continues to be strong  The insurance industry is expected to reach US$ 280 billion by 2020. In 2016, around 46 private players were operating in the industry, while Life Insurance Corporation accounted for 72.61 per cent of the country¡¦s insurance market.  Individual single premiums received increased from US$ 0.16 billion in 2015 to around US$ 1.02 billion in 2016.  Indian Government announced its plans to divest US$ 1.63 billion worth of stakes in PSU general insurance companies to execute the steep disinvestment target of US$ 10.78 billion in FY17.  IRDAI has allowed insurers to invest up to 10 per cent in additional tier 1 (AT1) bonds, that are issued by banks to augment their tier 1 capital, in order to expand the pool of eligible investors for the banks.
Winter Internship Report, Pune Institute of Business Management, Pune 11 India insurance industry contribution to GDPv Experts are of the opinion that around the world the insurance industry contributes around 4.5% to national GDPs. They have questioned the logicality of opinions that in India the contribution can be higher saying that there are other important sectors like education, defense, and health that cannot be undermined in this context. They have ruled out possibilities that the sector can contribute 10% to India's GDP. The Chairman of IRDA, Hari Narayan has ruled out any such possibility asking if India's GDP growth will be that much in the next few years ahead. The IRDA states that in India land and gold are more preferred as forms of investment. Narayan feels that if the insurance sector is to do well in terms of contribution to GDP then more people should be convinced about its capability to provide good ROI (return on investment). In terms of policies sold following are the top insurers in India:vi Company Policies sold (till December 2011) LIC 20404281 Future Generali Life 100143 ICICI Prudential 785938 Met Life 98904 Reliance Life 698109 Star Union Dai-ichi 82037 Bajaj Allianz 640483 Shriram Life 73490 Birla Sunlife 589855 Bharti AXA Life 69151 SBI Life 491927 Aegon Religare 47332 Max New York 405662 IDBI Federal 45833 HDFC Standard 397408 Canara HSBC OBC Life 44899 Tata AIG 199275 DLF Pramerica 43299 Kotak Life Insurance 199614 IndiaFirst 38498 Aviva 100216 Sahara Life 36228 Edelweiss Tokio 1968
Winter Internship Report, Pune Institute of Business Management, Pune 12 India insurance industry - some key findings Following are some important findings from World Bank regarding the condition of insurance industry in India:  Between 2005 and 2010 the yearly GDP growth was approximately 8.56%  At the same time, the ratio of gross savings to GDP was 33%  Middle class saw the quickest growth  The life expectancy rate of people went up and urban development happened at almost 54%.  In 2010 rate of premium growth came down to 4.2% and compared to global standards the premium share was pretty low  Major operational issues for insurers were expenditure control, claims settlement procedures, improving investment yields, and capital requirements  In the 2010-11 fiscal the life insurance industry grew by 4.20% while the general insurance industry increased by 8.10%. 20404281 100143 785938 98904 698109 82037 640483 73490 589855 69151 491927 47332 405662 45833 397408 44899 199275 43299 199614 38498 100216 36228 Policies sold (till December 2011), 1968 LIC Future Generali Life ICICI Prudential Met Life Reliance Life Star Union Dai-ichi Bajaj Allianz Shriram Life Birla Sunlife Bharti AXA Life SBI Life Aegon Religare Max New York IDBI Federal HDFC Standard Canara HSBC OBC Life Tata AIG DLF Pramerica Kotak Life Insurance IndiaFirst Aviva Sahara Life Edelweiss Tokio 0 5000000 10000000 15000000 20000000 25000000 AXIS TITLE Policies sold (till December 2011) Policies sold (till December 2011)
Winter Internship Report, Pune Institute of Business Management, Pune 13  During that time the paid-up capital (private total) for the life insurance sector was INR 236.57 billion while the paid-up capital (industry total) was INR 236.63 billion.  In 2010-11 the paid-up capital (private total) for the general insurance sector was INR 39.56 billion while the paid-up capital (industry total) was INR 67.06 billion.  In 2010-11 the operating costs of privately owned life insurers was INR 159.62 billion while the total life insurance industry expense was INR 329.42 billion.  In the same time the privately owned general insurers spent INR 39.32 billion from an industry total of INR 106.20 billion.  In 2010-11 the privately held life insurers paid benefits and claims worth INR 312.51 billion while the industry aggregate was INR 1425.24 billion.  At the same time the private general insurers paid benefits and claims worth INR 99.37 billion while the industry total was INR 295.36 billion. India insurance product composition General Insurance Product Percentage Engineering 4 Motor OD 27.63 Motor TP 14.94 Health 22.58 Aviation 1.08 Liability 2.4 Personal accident 2.63 Fire 10.91 Marine 5.97 Others 7.37 4 27.63 14.9422.58 1.08 2.4 2.63 10.91 5.97 7.37 General Insurance Engineering Motor OD Motor TP Health Aviation Liability Personal accident Fire Marine Others
Winter Internship Report, Pune Institute of Business Management, Pune 14 Life Insurance Product Percentage Non-linked life individual 21.7 Non-linked gen annuity group 4.33 Non-linked gen annuity individual 0.85 Non-linked pension group 4.22 Non-linked pension individual 0.25 Non-linked health 0.09 Linked insurance 55.01 Riders 0.01 Linked life group 13.54 21.7 4.33 0.85 4.22 0.25 0.09 55.01 0.01 13.54 Life Insurance Non linked life individual Non linked gen annuity group Non linked gen annuity individual Non linked pension group Non linked pension individual Non linked health Linked insurance Riders Linked life group
Winter Internship Report, Pune Institute of Business Management, Pune 15 Top Insurance Policiesvii Company Product LIC Jeevan Vaibhav ICICI Prudential ICICI Pru iCare Reliance General Insurance Reliance Private Car Insurance Reliance Travel Care for Students Bajaj Allianz CashRich Family Floater Health Guard Plan Car Insurance HDFC Life Click2Protect HDFC LIFE SMART WOMAN PLAN Tata AIG Insurance Tata AIG Motor Insurance Tata AIG Travel Insurance Tata AIG Wellsurance Family Kotak Life Insurance Kotak Assured Protection Plan Kotak Assured Income Plan Kotak Assured Investment Plan Aviva Aviva Health Secure Aviva i-Life Future Generali Future Generali Smart Life Future Generali Health Suraksha MetLife Retirement Plans Met Monthly Income Plan Star Union Dai-ichi Life Insurance Suraksha Kavach Shriram Life Insurance ShriLife Wealth Plus Money Back Shriram Ujjwal Life SP Bharti AXA Bharti AXA Life eProtect Aegon Religare iTerm IDBI Federal Termsurance Wealthsurance Childsurance Lifesurance Healthsurance Incomesurance Loansurance Homesurance Bondsurance
Winter Internship Report, Pune Institute of Business Management, Pune 16 Microsurance Canara HSBC OBC Life Insurance Dream Smart Plan Grow Smart Plan Future Smart Plan Secure Smart Plan Smart Sanchay Plan DLF Pramerica Life Insurance Income Rakshak DLF Pramerica Family Income DLF Pramerica Family First DLF Pramerica U-Protect IndiaFirst Life Insurance IndiaFirst Maha Jeevan Plan Sahara Life Insurance Sahara Vatsalya-Jeevan Bima Apollo Munich Health Insurance OptimaRESTORE Star Health Insurance Family Health Optima Star Unique Health Senior Citizen Health Insurance IFFCO TOKIO General Insurance Auto Protector Policy Individual Medishield Policy New India Assurance Householder's Policy Motor Insurance Policy Overseas Mediclaim Policy Fire & Machinery Policy Industrial All Risk Policy Shopkeeper's Policy Oriental Insurance Oriental's Motor Insurance Policy Happy Family Floater Scheme National Insurance Car Insurance Cholamandalam MS General Insurance Chola MS Private Car Chola MS Student Travel Chola MS Family Healthline HDFC Ergo Travel Insurance HDFC Ergo Health Suraksha Universal Sompo General Insurance Householder's Insurance Policy Shopkeeper's Insurance Policy Motor Insurance Policy Individual Health Bills L&T Insurance my:health Medisure Prime Insurance
Winter Internship Report, Pune Institute of Business Management, Pune 17 India insurance industry major problems Following are some of the major problems plaguing the insurance industry in India:  Focus on actuarial pricing  Regulatory misunderstanding  Investment regulations  Solvency regulation  Claims settlement procedures  Data clarity  Distribution channel issues Why are more people taking insurance policies? One of the major reasons for an increasing number of people availing insurance policies in India is the growing level of awareness. People nowadays value their lives, their health, and their families even more than before given the tough economic circumstances and so want to make sure that everything is fine even if they are not there. Yet another reason for the growing popularity of insurance policies is the benefit of tax exemption that is provided to family oriented and individual plans. Majority of the private insurers also provide lucrative returns and are now being availed by a section of the Indian society with greater disposable earnings. There is an aspect of psychological comfort attached to the insurance policies as well - whenever an insurance is availed the policyholder can be more or less assured of a safe future for that particular part of his or her life. Porter’s Five Forces Model of Insurance Sector Competition in an industry is rooted in its underlying economics, and competitive forces exist that go well beyond the established combatants in a particular industry. Customers, suppliers, potential entrants, and substitute products are all competitors that may be more or less prominent or active depending on the industry. The state of competition in an industry depends on five basic forces that are as follows:
Winter Internship Report, Pune Institute of Business Management, Pune 18 1. The threat of new entrants  Other financial companies can enter the industry  Overall threat is medium given that entry is subject to license and regulations 2. The bargaining power of buyers/customers  Bargaining power of customers especially corporate is very high because they pay huge amount of premium 3. The threat of substitute products  Similarity in services makes switchover a potent threat  Investment oriented customers have switched to other avenues 4. The amount of bargaining power suppliers have  Supplier being the distributor or agent have high bargaining power because they have customer database and can influence customers in making choices 5. The intensity of the competitive rivalry  Insurance industry is becoming highly competitive with 52 players operating in the industry  Companies are competing on price and also using low price and high returns strategy for customers to lure them
Winter Internship Report, Pune Institute of Business Management, Pune 19 3. ABOUT THE COMPANY & DEPARTMENTviii Accrual Intelligence Manuals Group identity as the leading provider of professional wealth advisory in India and abroad. AIM India delivers a one stop solution/ service to achieve financial independence. There principle is to deliver high returns to our clients through our network of government sector banks in India. Aim India comprehensive wealth management is a high level professional service that combines financial and investment advice in accounting, taxation services and retirement planning. Its wealth management is much more than just investment advice as we encompass all parts of an individual's financial life. They coordinate all the services needed to manage client's money and plan for their own and family's current and future needs, maintain and increase their wealth based on individual's financial situation goals and comfort level with risk. Aim India team offers an ongoing support and advice when your investment is successfully done. They will keep you informed of changes in regulations that directly affect you and leaving you to focus on strategies that maximize profitability and productivity in investment.
Winter Internship Report, Pune Institute of Business Management, Pune 20 India headquartered & experts in Wealth Advisory & Internships  Based in India  Wealth Management Advisors  Corporate Service Provider AIM India believes in Dynamic Culture and it is our goal to help the Individual in dealing with the dynamism of environment whether it is related to their wealth or expansion of business. Aim India Group is the leading Advisory in India and Abroad. We at AIM India provide Training / Development programs in India and Abroad and are having a team of exclusive Corporate trainers. There Principle is to deliver high rate of returns to our clients through our network of government sector banks in India. Keeping in mind the most critical needs in today's context, they came up with wealth Advisory firm to provide a customer expertise advice to achieve financial Independence.
Winter Internship Report, Pune Institute of Business Management, Pune 21 AIM India Vision We will seek out clients for whom we can serve as their trusted advisor, attending to the details of their financial life as it moves forward. We will learn about their history, and help them clarify their goals, values and dreams, rather than simply inquiring about their balance sheet. We will develop a personal insight into their lives as well as the role money plays for them. By adding our professional financial planning and investment management expertise and wisdom, we will serve as a coach to assist in reaching their personal goals and recognizing financial peace of mind. AIM India Mission To seek opportunities to better the financial planning industry by educating other financial advisors across the country. By sharing our knowledge, we will help create an environment where more clients can be effectively served by an increasing number of advisors offering comprehensive financial planning and adhering to a fiduciary standard. AIM India Services Internship Services We provide domestic & international level internship. AIM India have a team of experienced educational and training professionals who can provide training solutions for clients to ensure that RPAS operations are effectively and seamlessly integrated into their existing business systems. Our training specialists include technical training specialists, formed high school teachers, university lectures and regulatory training specialists. We have developed training manuals, conducted training needs analysis, provided in-house training and produced online and e-training resources.
Winter Internship Report, Pune Institute of Business Management, Pune 22 Compliance Services Our Compliance experts have the complete knowledge of the corporate compliance needs across jurisdictions in the territory. Non-Compliance can result in fines and imprisonment if one has no updates regarding important information. The compliance horizon in the Asian jurisdictions is highly dynamic as most of the economies are on verge of transition. AIM India will be a valuable partner for the companies having intra-regional operations offering them compliance services/solutions for all of their Regional Subsidiaries. We will leave you to concentrate on your core activities as we will be providing you the following services:  Company Constitution  Meetings & Company Officers  Maintaining Statutory Books & Registers  Annual Filings with The Company Registrar  Statutory Reporting Accounting Services As the companies expand their business, accounting transactions gets bulky and complex and accounting converts into a strategic function from primary function. At AIM India, we will provide you customized accounting solutions as our accounting experts possess regional exposure and
Winter Internship Report, Pune Institute of Business Management, Pune 23 extensive technical knowledge. Trusting a regional expert with accounting is elementary to achieve control and transparency in accounting through standardization of agenda. We have a leading edge of experienced professionals and IT System to render smooth, co-related and comprehensive reinforcement regionally. We are dynamic towards systems and solutions to stay relevant to the changes in the region. Our proficiency will empower the enterprises to expand by beholding the measured decisions. Our Accounting Services are:  Accounting and Bookkeeping  Statutory Reporting  Payroll and Expense Claim Management Services  Bank Account Reconciliation  Corporate Tax Compliance Taxation Services Tax arrangement is dynamic and complex as it changes with the change of authority. Its complexity increases in the nation where there is tax at every level. Companies having cross border transactions need effective planning to minimize tax costs. Tax liabilities can be optimized by making effective structuring of business entities and revenue models. A new enterprise will need a guidance to learn about the tax incentives, withholding tax and transfer pricing formalities which is provided by the Tax professionals of AIM India Group. Our Professionals are well possessed with the analytical understanding of taxation which will help the client in managing the Taxation regime of his business. Our main services are:  Corporate Income Tax Returns  Vat Returns  Indirect Tax  Withholding Tax  Tax Optimizations  Transfer Pricing  Tax Advisory in M&A, Cross Border Investment, Tax Disputes etc.
Winter Internship Report, Pune Institute of Business Management, Pune 24 Training & Development Services Effective training and development begins with the overall strategy and objectives of the small business. The entire training process should be planned in advance with specific company goals in mind. AIM India helps in developing a training strategy, which will be helpful to assess the company's customers and competitors, strengths and weaknesses, and any relevant industry or societal trends. The next step is to use this information to identify where training is needed by the organization as a whole or by individual employees. It will help in conducting an internal audit to find general areas that might benefit from training, or to complete a skills inventory to determine the types of skills employees possess and the types they may need in the future. Each job within the company should be delegated on a task-by- task basis in order to help determine the content of the training program. Recruitment Services Customized strategies are developed from a deep understanding and observation of organization's culture and its business objectives. Expansion in new markets or recruitment for that market can only be done after having the full-fledged knowledge of recruitment, remuneration and retention strategies besides the understanding of regional work culture. At AIM India, you will find a network of efficient regional consultants who will provide you the pathway towards seamless recruitment services starting from identifying your potential clients to handling the immigration process, if required. Our experts have the complete knowledge to provide valuable advisory in the following matters:  Candidate Search  Profiling
Winter Internship Report, Pune Institute of Business Management, Pune 25  Interview Coordination  Employment Contract  Immigration  Advisory Service Consulting Services Asia is gaining importance as global economic engine and with the introduction of the concept of International Business, every business in every country is trying to get connected with each other despite of the regional differences. AIM India have a group of consultants which provides due diligence to the different businesses regarding their critical business decisions such as M & A, Investment and expansion into the new areas, etc. and we also help in identifying the new and effective sources of advantages while avoiding risk. We mainly provide the following services:  Corporate Development & Finance  Investment  People & Management  New Market/Partner/Vendor Evaluation  Operations  Technology  Grant Assistance (for Indian & Foreign companies) Insurance Services
Winter Internship Report, Pune Institute of Business Management, Pune 26 Different types of business have different types of risks. For adequate coverage, regionally settled businesses need a thorough understanding of their market so that they can identify the potential risk involved. Natural disasters, political uncertainties, epidemics, terror threats, technological threats are adding to the risks posed by economic instability and competition. AIM India have the group of insurers who provide the comprehensive coverage and detailed risk assessment to identify the gap. Our insurers will also advise you about the minimization of expenses on risk premium by providing the services to reduce claims and they will help you in gaining the understanding of uninsured risks so that you can avoid them. Our main services in this sector are:  Risk Assessment  Coverage  Risk Management  Corporate Insurance - Property, Pecuniary, Liability and Group  Political Risk  Professional Insurance  Financial Risk  Trade and Credit Risk Mutual Funds A mutual fund is a professionally-managed investment scheme, usually run by an asset management company that brings together a group of people and invests their money in stocks, bonds and other securities. As an investor, you can buy mutual fund 'units', which basically represent your share of holdings in a particular scheme. These units can be purchased or redeemed as needed at the fund's current net asset value (NAV). These NAVs keep fluctuating, according to the fund's holdings. So, each investor participates proportionally in the gain or loss of the fund. All the mutual funds are registered with SEBI. They function within the provisions of strict regulation created to protect the interests of the investor. The biggest advantage of investing through a mutual fund is that it gives small investors access to professionally-managed, diversified portfolios of equities, bonds and other securities, which would be quite difficult to create with a small amount of capital. AIM India will provide you all the updates and services regarding mutual funds so that you can choose from the best available option.
Winter Internship Report, Pune Institute of Business Management, Pune 27 Retirement Planning There are two components to retirement income planning: Personal Planning and Financial Planning. Personal planning is important because it is the determining factor of your satisfaction with your retirement lifestyle. Financial planning is crucial because it identifies your sources of income and expenses and establishes your retirement budget, based on your personal plan. Personal Planning All too often people entering retirement do not place enough emphasis on personal planning to ensure they maximize their opportunities. So, AIM India helps you at an early stage in your planning process and gives you time to think about the choices you have, about how you would like to spend your time during retirement. Financial Planning Will you have adequate funds to provide the kind of retirement lifestyle you envision? AIM India provides all the answer to the questions you are having and help you in recalling that your income will likely come from three general sources: government pensions, employment-related sources and your own personal investments. International Expansion Services Overseas market provides the opportunity to expand in the markets worldwide and also helps in identifying the opportunities related to new sources of revenue, access to new talent, diversified risk and competitive parity. It is well known that internationalization is a complex process. At AIM India group, we have the specialists who can provide the country level compliance services,
Winter Internship Report, Pune Institute of Business Management, Pune 28 accounting and taxation services, payroll and corporal secretarial services. We are meant to take your company abroad for the expansion. We will help you in expanding your business in Singapore, Malaysia and Dubai for a start. Wealth advisory services Wealth management as an investment-advisory discipline which incorporates financial planning, investment portfolio management and a number of aggregated financial services. High-net- worth individuals (HNWIs), small-business owners and families who desire the assistance of a credentialed financial advisory specialist call upon wealth managers to coordinate retail banking, estate planning, legal resources, tax professionals and investment management. At AIM India Group, we have the wealth managers who have backgrounds as independent Chartered Financial Consultants, Certified Financial Planners, Chartered Strategic Wealth Professionals, Chartered Financial Planners or any credentialed (such as MBA) professional money managers who will help you to enhance the income, growth and tax-favored treatment for long term. Private wealth management is delivered to high-net- worth investors. We will also guide you on the use of various estate planning vehicles, business-succession or stock-option planning, and the occasional use of hedging derivatives for large blocks of stock. AIM India Product Aim India deals with India First life insurance Maha Jeevan product. India First Life Insuranceix India First Life Insurance Company is a life insurance company in India. It is a joint venture between two of India's public-sector banks – Bank of Baroda (44%) and Andhra Bank (30%), and UK's financial and investment company Legal & General (26%). It was incorporated in
Winter Internship Report, Pune Institute of Business Management, Pune 29 November, 2009. It has its headquarters in Mumbai India First Life made more than Rs. 2 billion in turnover in just four and half months since the insurance company became operational. India First Life insurance company is headquartered in Mumbai. The company is headed by the MD & CEO Ms.R.M. Vishakha. Highlights of Maha Jeevan Product Joint Ventures of India first Life Insurance 8% Return on Investment Tax benefits under sec 80c & sec 1010d Life Cover of 1 premium* (16-18) times
Winter Internship Report, Pune Institute of Business Management, Pune 30 SWOT Analysis Strength  Corporate collaborations  Global presence  Business growth  Rise in per capita income  Emerging middle-income group Weakness  Dominance of public sector  Less promotions Opportunities  Creation of strong future growth  Rise in income  Rise in awareness  Creation of stronger demand Threats  Economic crisis  Entry of new NBFCs in the sector  Varying government policies
Winter Internship Report, Pune Institute of Business Management, Pune 31 Organizational Structure of AIM India Recruitment & Selection Process of AIM India For Interns For Final Placement CEO Director Managers Corporate Sales Manager Interns HR Area Manager Interns Admin Manager Pre- placement talk Personal Interview Offer Letter Pre- placement talk GD/Aptitude Personal Interview Skype Interview Offer Letter
Winter Internship Report, Pune Institute of Business Management, Pune 32 4. INTERNSHIP SUMMARY Induction HR profile training Finance profile training Marketing Profile training Role-plays Field work (Sales) Market Research Analysis of data Evaluations Counselling Feedback Recognition
Winter Internship Report, Pune Institute of Business Management, Pune 33 Sales Process Summary Week 1: Day 1(18/12/2017): We were gathered in the corporate office of the company. Induction program was done for all interns. We were introduced to the staff there and mentors were assigned. Interns were told about organization vision, mission and goals were assigned later after the introduction, we were given an activity of Money Multiplier where we earned Rs 1089 from Rs 500 investment. Before leaving the office, we were assigned 2nd task i.e. online promotion of Aim India. Day 2(19/12/2017): HR profile training was given i.e. recruitment & selection, interview process, dress for success. We were told about how to manage payrolls and how to make ctc and all policies used by the company while preparing CTC and I was assigned task 3 that was to make a payroll CTC of 14 lacs i.e. pay slip. Day 3(20/12/2017): Finance profile training was given to us i.e. taxation & all taxation slabs and terminologies. I was certified as the winner of the Online promotion task of Aim India. We were told how to know what CTC you have to pay how much tax. And we were assigned task 4 that was that at CTC of 1crore 19 lacs and calculate how much tax has to be paid by Mr X? Role- playing was done to understand various situations. Day 4(21/12/2017): Finance profile training was given on various financial sectors with all merits & demerits. I was assigned task 5 to prepare a presentation on different financial sectors and I have to present it on next day. Fixing appointment with potential customer. Meeting with potential customer. Follow-up through calls and 1-2 more meeting with potential customer. Closure and cheque taken from customer. Insurance bond delievery to the customer address.
Winter Internship Report, Pune Institute of Business Management, Pune 34 Day 5(22/12/2017): I had given the presentation on the assigned task 5. We were told about the tie-ups and banks that are the joint venture of India first life insurance. We were told about investor expectations from an investment and various types of investment plans. I was assigned task 6 to prepare a presentation on various bank tie-ups. Day6(23/12/2017): I gave the presentation on task6. Marketing profile training was given to us. Various tax benefits were told. How to pitch your product to a customer was told to us. How to create a daily sales report was told to us. I was assigned task 7 to make a daily sales report. The product launch was there and the name of the product was Maha Jeevan product of India First life insurance which we have to sale. The product was briefly described and all plans of the product were told to us. I was assigned task 8 to write Maha Jeevan product highlights in minimum 25 sentences where I wrote and told 41 sentences about the product. Week 1 Learnings:  Importance of organization goals.  HR practices.  Employee Lifecycle.  CTC Payroll.  Taxation.  Different financial sectors.  Tax benefits.  Daily sales report.  About Product. Week 2: Day 8(25/12/2017): Christmas Day celebration. Cake cutting ceremony and fun. Query session related to the product. Day 9(26/12/2017): Club launch. Briefing about documents required to buy product and courier process. Roleplay. Queries about the product. Day 10(27/12/2017): Contest launch. Briefing about online authentication, excel formation & benefits illustration. Query session. Day 11(28/12/2017): 4 meetings with my potential customer where I tell them about the investment policy. Day 12(29/12/2017): 5 meetings with my potential customer where I tell them about the investment policy. Day 13(30/12/2017): 6 meetings with my potential customer where I tell them about the investment policy.
Winter Internship Report, Pune Institute of Business Management, Pune 35 Week 2 Learnings:  Patience.  Situation handling.  Competitors of our investment policy with more good features.  Customers need and want.  Approach to clients.  Customer perceptions.  Market scenario and insights.  Marketing is not all about sitting in the office.  Marketing strategies.  Customer investment in various financial sectors. Week 3: Day 14(31/12/2017): 5 meetings with my potential customer where I tell them about the investment policy. Day 15(1/1/2018): 3 meetings with my potential customer where I tell them about the investment policy. Day 16(2/1/2018): 4 meetings with my potential customer where I tell them about the investment policy. Day 17(3/1/2018): 5 meetings with my potential customer where I tell them about the investment policy. Day 18(4/1/2018): 6 meetings with my potential customer where I tell them about the investment policy. Day 19(5/1/2018): 5 meetings with my potential customer where I tell them about the investment policy. Day 20(6/1/2018): 4 meetings with my potential customer where I tell them about the investment policy. Week 3 Learnings:  Flexibility.  Adaptability.  Make your brand better.  Customer orientation.  Tactical skills.
Winter Internship Report, Pune Institute of Business Management, Pune 36  Influential skills.  Customer relationship management.  If the customer doesn't have need generate it. Week 4: Day 21(7/12/2018): 4 meetings with my potential customer where I tell them about the investment policy. Day 22(8/1/2018): 5 meetings with my potential customer where I tell them about the investment policy. Day 23(9/1/2018): 6 meetings with my potential customer where I tell them about the investment policy. Day 24(10/1/2018): 3 meetings with my potential customer where I tell them about the investment policy. Day 25(11/1/2018): 5 meetings with my potential customer where I tell them about the investment policy. Day 26(12/1/2018): 4 meetings with my potential customer where I tell them about the investment policy. Day 27(13/1/2018): 2 meetings with my potential customer where I tell them about the investment policy. Week 4 Learnings:  Customer Delight.  Conversion of the potential customer into the real customer.  Leadership skills.  Sales pitching skills.  Customer follows up skills.  Customer retention skills.  Conversion of customer needs into the want.  Promotion of product. Week 5: Day 28(14/12/2018): 3 meetings with my potential customer where I tell them about the investment policy. Day 29(15/1/2018): Market Research job profile training.
Winter Internship Report, Pune Institute of Business Management, Pune 37 Day 30(16/1/2018): Project report submission and analysis. Day 31(17/1/2018): Counselling & evaluation. Day 32(18/1/2018): Certification & Recognitions. Winter Internship Achievements: My target of sales was Rs 65,000 and achieved sales of Rs 1,50,000. Best intern of the batch. Completed my winter internship with A+ grading. Qualified for Jaipur and Manali business convention. Qualified for AIM India Recognition night. Got certificate of:  Online promotion  Best Presentation  Early Bird  Logger of the day
Winter Internship Report, Pune Institute of Business Management, Pune 38 5. PROJECT DESCRIPTION Project Title: Analyzing customer decision making process in insurance services Methodology The objectives of the study were to analyze and to know the decision that a customer take before taking an insurance service. The research is Descriptive Research Design, the sources of data are Primary data and the methods that were used in the data collection was Online Platform and Questionnaire for the research. The target population for the study is the people with the age of 14 to 50, the sample frame is New Delhi area and size is 533, sampling technique is Probability and data is obtained from the study which is analyzed through Microsoft-Excel. Research Design This research is a study that is mainly aimed at examining customer behavior in the insurance industry. The descriptive research design is used to identify the new factors that are influencing customer decision making process in insurance services to establish the relationship that exists between factors to serve the customer in the better way. According to the objective of research identify research technique for data collection it is quantitative research type (Descriptive research) and questionnaire approach was adopted to collect the data. Target Population The target population was the people of New Delhi area and all the potential customers of AIM India. Sample Frame The sampling frame of the target population is the age between 14 to 50 years, with income of 2.5 lacs to 20 lacs having an occupation in government sector, businessman, private job or self- employed. Sample Size Owing to the fact that, the population of all potential customers in New Delhi was too large and was un-known at the time of the study, so I finalized five hundred thirty-three (533) data were collected from customers of various occupation and age for the process the analysis. Sampling Techniques Sampling is done on probability basis. The theory behind the research is idealist, as quantitative methods are used.
Winter Internship Report, Pune Institute of Business Management, Pune 39 This method was selected to enable to target specific customers of insurance services who were in position to provide the information needed for the study. Data Collection For the purpose of collecting data, a well-designed questionnaire was used which is or sometime according to the research requirement questionnaire has been designed from organization for industry specific research. This questionnaire consists of variables in both independent and dependent variable namely, Attitude, Perceived ease of use, Perceived usefulness, decision- making. Data Analysis Tools Microsoft Excel is used to analyze the primary data collected from the questionnaire and with the feature of Pivot table of Microsoft Excel the data was analyzed and customer decision-making process was identified.
Winter Internship Report, Pune Institute of Business Management, Pune 40 6. LEARNING/ FINDINGx 1. How many people responded?  533 respondents 2. What is Male and Female ratio of respondents? Learnings: In 533 respondents, 127 respondents were female and remaining 406 respondents were male that is 24% were females and 76% were males. The ratio of the female is to male in this research was 6:19. This shows that mostly decision-making process to take insurance or not are taken by the male. 24% 76% Gender Female Male Gender Respondents Female 127 Male 406 Grand Total 533
Winter Internship Report, Pune Institute of Business Management, Pune 41 3. What is the Age of Respondents? Age No of Respondents 14-20 13 21-25 52 25-30 110 30-35 143 35-40 127 40-45 63 45-50 12 50+ 13 Grand Total 533 Learnings: In 533 respondents, maximum respondents were of age 30-35 that is 143 and minimum were the age of more than 50+ that is 13. This shows that middle age people are more concerned about decision-making process for insurance. 13 52 110 143 127 63 12 13 0 20 40 60 80 100 120 140 160 14-20 21-25 25-30 30-35 35-40 40-45 45-50 50+ Age No of Respondents
Winter Internship Report, Pune Institute of Business Management, Pune 42 4. What is the occupation of respondent? Occupation No of Respondents Government Services 108 Businessman 71 Private Job 155 Self-employed 89 Student 74 Others 36 Grand Total 533 Learnings: In 533 respondents, maximum respondents are in private jobs that are 155 and minimum respondents were students that is 71. This shows in terms of insurance decision-making process private job occupation people are more concerned and students are less concerned about insurances. 71 108 36 155 89 74 0 20 40 60 80 100 120 140 160 180 Businessman Government Services Others Private Job Self-employed Student Occupation No of Respondents
Winter Internship Report, Pune Institute of Business Management, Pune 43 5. What is the income of respondents? Income No of Respondents Nil 71 0 - 2.5 lacs 12 2.5 - 5 lacs 34 5 - 7.5 lacs 53 7.5 - 10 lacs 78 10 - 12.5 lacs 98 12.5 - 15 lacs 56 15 - 17.5 lacs 43 17.5 - 20 lacs 37 More than 20 lacs 33 Confidential 18 Grand Total 533 71 12 34 53 78 98 56 43 37 33 18 0 20 40 60 80 100 120 Income No of Respondents
Winter Internship Report, Pune Institute of Business Management, Pune 44 Learnings: Out of 533 respondents, the income of maximum respondents that is 98 is 10 -12.5 lacs and minimum respondents that is 12 is 0 – 2.5 lacs. This shows that income of 10 – 12.5 lacs people are more curious and concerned in decision-making process of insurance services and 0 – 2.5 lacs people are very less concerned. 6. Are you risk averse? Risk Averse No of Respondents Maybe 200 No 270 Yes 63 Grand Total 533 Learnings: Out of 533 respondents, 51% respondents that is 270 are not risk averse and 37% respondents that are 200 maybe risk averse and remaining only 12% that is 63 are risk-averse. This shows that people are less risk averse nowadays. 200, 37% 270, 51% 63, 12% Risk Averse Maybe No Yes
Winter Internship Report, Pune Institute of Business Management, Pune 45 7. Do you have insurance policy? Insurance Policy No of Respondents No 239 Yes 294 Grand Total 533 Learnings: Out of 533 respondents, 55% respondents that is 294 people have insurance policies and 45% respondents that are 239 do not have insurance policy. This shows people are nowadays more concerned to take the insurance policy. 45% 55% Insurance Policy No Yes
Winter Internship Report, Pune Institute of Business Management, Pune 46 8. Which is the current state of your insurance? Current State of Insurance No of Respondents The insurance has been cancelled 38 The insurance is over 13 The insurance is still running 306 Don't have insurance policy 176 Grand Total 533 Learnings: Out of 533 respondents, 306 respondent’s insurances are still running, 176 respondents don’t have the insurance policy, 38 respondent’s insurances have been cancelled and 13 respondent’s insurances is over. This shows that maximum people insurance is already running and they are concerned about it. 38 13 306 176 0 50 100 150 200 250 300 350 The insurance has been cancelled The insurance is over The insurance is still running Don't have insurance policy Current State of Insurance No of Respondents
Winter Internship Report, Pune Institute of Business Management, Pune 47 9. Which are the main reasons for which you would buy an insurance? Reason for buying Insurance No of Respondents Forced Selling 27 Investment 139 Security 293 Tax 62 Other 12 Grand Total 533 Learnings: 55% respondents buy insurance for security, 26% respondents buy insurance as investment purpose, 12% respondents buy insurance to get tax benefits, 5% buy insurance as forced selling and 2% buy insurance for other purposes. This shows that mostly customer buys insurance as the reason for security. Forced Selling, 27, 5% Investment, 139, 26% Security, 293, 55% Tax, 62, 12% Other, 12, 2% Reason for buying Insurance Forced Selling Investment Security Tax Other
Winter Internship Report, Pune Institute of Business Management, Pune 48 10. What criteria you use for choosing the insurance company? Criteria for choosing Insurance No of Respondents Agents 24 Characteristics of Product 168 Recommendation 27 Services 111 Trust 203 Grand Total 533 Learnings: 38% respondents choose insurance on the basis of trust on insurance companies, 32% respondents choose insurance on the basis of characteristics of product, 21% respondents choose insurance on the basis of services provided by an insurance company, 5% respondents choose insurance on the basis of recommendation and 4% respondents choose insurance through trusting agents. This shows that customers choose insurance on the basis of trust over an insurance company. 24, 4% 168, 32% 27, 5% 111, 21% 203, 38% Criteria for choosing Insurance Agents Characteristics of Product Recommendation Services Trust
Winter Internship Report, Pune Institute of Business Management, Pune 49 11. How do you prefer to buy an insurance? Preference to buy an Insurance No of Respondent Direct from agency 141 Insurance Agent 252 Online 140 Grand Total 533 Learnings: 47% respondents prefer to buy an insurance through an insurance agent, 27% respondents prefer to buy an insurance directly from an agency and 26% respondents prefer to buy an insurance through the online platform. This shows that people prefer to buy the insurance policy through an insurance agent. 27% 47% 26% Preference to buy an Insurance Direct from agency Insurance Agent Online
Winter Internship Report, Pune Institute of Business Management, Pune 50 12. Do you feel more protected having an insurance? Feel protected having an insurance No of Respondents No 51 Yes 482 Grand Total 533 Learnings: 90% respondents feel protected while having an insurance policy and 10% respondents do not feel secure while having an insurance. This shows people feel protected while having an insurance policy. 51, 10% 482, 90%482, 90% Feel protected having an insurance No Yes
Winter Internship Report, Pune Institute of Business Management, Pune 51 7. SUGGESTION  Promotion of India First Life Insurance company should be more on every platform.  Claims of insurance policies should be given on time.  Every benefit illustration through the policy must be shown in the bond.  Every insurance policy should give their customer an online authentication where they can be also updated with their policy details and premium.  AIM India can collaborate with various multi-national companies and can get data on newly hired employees, where the company can tell the employee the tax that they can save their salaries.
Winter Internship Report, Pune Institute of Business Management, Pune 52 8. REFERENCES i https://www.ibef.org/ ii http://www.aceanalyser.com/ iii https://en.wikipedia.org iv https://economictimes.indiatimes.com vhttp://assocham.org/ vi https://www.insurance.com/ vii http://www.policybazaar.com/ viii http://www.aimincorp.com/ ix https://www.indiafirstlife.com/ x https://docs.google.com/forms/d/1NcYojJJM1-3DMsk--wUzN3xAd2SCuZRSi48-u5ypD6c
Winter Internship Report, Pune Institute of Business Management, Pune 53 Annexure Questionnaire 1. Name 2. Gender a. Female b. Male 3. Age a. 14-20 b. 21-25 c. 25-30 d. 30-35 e. 35-40 f. 40-45 g. 45-50 h. 50+ 4. Occupation a. Government Services b. Businessman c. Private Job d. Self-employed e. Student f. Other 5. Income a. Nil b. 0 - 2.5 lacs c. 2.5 - 5 lacs d. 5 - 7.5 lacs e. 7.5 - 10 lacs f. 10 - 12.5 lacs g. 12.5 - 15 lacs h. 15 - 17.5 lacs i. 17.5 - 20 lacs j. More than 20 lacs k. Confidential
Winter Internship Report, Pune Institute of Business Management, Pune 54 6. Are you risk averse? a. Yes b. No c. Maybe 7. Do you have an insurance policy? a. Yes b. No 8. Which is the current state of your insurance? a. The insurance is still running b. The insurance is over c. The insurance has been cancelled d. Don't have insurance policy e. Other 9. Which are the main reasons for which you would buy an insurance? a. Tax b. Investment c. Security d. Discipline e. Forced Selling f. Other 10. What criteria you use for choosing the insurance company? a. Services b. Trust c. Publicity d. Recommendation e. Agents f. Characteristics of Product g. Other 11. How do you prefer to buy an insurance? a. Insurance Agent b. Direct from agency c. Online d. Other
Winter Internship Report, Pune Institute of Business Management, Pune 55 12. Do you feel more protected having an insurance? a. Yes b. No 13. If you have not an insurance, would you buy one or you will not buy and why?

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Analyzing customer decision making process in insurance services

  • 1.
    WINTER INTERNSHIP REPORT Analyzing customerdecision making process in insurance services done at AIM India Pvt. Ltd. by Anand Singh Tomar DM17B04 under the guidance of Shivani Gupta HR Area Manager
  • 2.
    Winter Internship Report,Pune Institute of Business Management, Pune 2 ACKNOWLEDGMENT A four-week Industry training is a golden opportunity for learning and self-development. I consider myself very lucky and honored to have so many wonderful people lead me through in completion of this project. At the outset, I would like to express my deep sense of gratitude and sincere thanks to Ms. Shivani Gupta HR Area Manager, for providing an opportunity to discover the corporate world, from a close perspective. I take this opportunity to extend my sincere gratitude to Mr. Himalyay Sethi, Director, AIM India New Delhi for giving me an opportunity to undertake internship training and the project on the topic Analyzing customer decision making process in insurance services. Last but not the least I am grateful to entire staff of AIM India branch, who helped me to collect relevant data and get the real gist of current market scenario. I also thankful to Dr. Govind Nath Srivastav my internal guide for this project to whom I am deeply grateful for his constant support and guidance without which it would not have been possible for me to complete this project on time. I would also like to express my heartfelt wishes to AIM India, for making these four weeks a stepping-stone for my career.
  • 3.
    Winter Internship Report,Pune Institute of Business Management, Pune 3 COMPANY CERTIFICATE
  • 4.
    Winter Internship Report,Pune Institute of Business Management, Pune 4 Contents ACKNOWLEDGMENT.............................................................................................................................2 COMPANY CERTIFICATE.....................................................................................................................3 1. PROJECT SYNOPSIS..........................................................................................................................6 2. ABOUT THE SECTOR.........................................................................................................................7 Top companies in insurance sector are: .........................................................................................8 Evolution of Insurance sector ...........................................................................................................9 India insurance industry growth in last few years .....................................................................9 India’s current market continues to be strong .......................................................................10 India insurance industry contribution to GDP ..........................................................................11 In terms of policies sold following are the top insurers in India:..........................................11 India insurance industry - some key findings.............................................................................12 India insurance product composition...........................................................................................13 General Insurance ..........................................................................................................................13 Life Insurance..................................................................................................................................14 Top Insurance Policies......................................................................................................................15 India insurance industry major problems ...................................................................................17 Why are more people taking insurance policies?.......................................................................17 Porter’s Five Forces Model of Insurance Sector ........................................................................17 3. ABOUT THE COMPANY & DEPARTMENT .................................................................................19 AIM India Vision.................................................................................................................................21 AIM India Mission ..............................................................................................................................21 AIM India Services.............................................................................................................................21 Internship Services ........................................................................................................................21 Compliance Services......................................................................................................................22 Accounting Services.......................................................................................................................22 Taxation Services ...........................................................................................................................23 Training & Development Services..............................................................................................24 Recruitment Services ....................................................................................................................24 Consulting Services........................................................................................................................25 Insurance Services .........................................................................................................................25 Mutual Funds...................................................................................................................................26 Retirement Planning .....................................................................................................................27 International Expansion Services ..............................................................................................27
  • 5.
    Winter Internship Report,Pune Institute of Business Management, Pune 5 Wealth advisory services ..............................................................................................................28 AIM India Product .............................................................................................................................28 India First Life Insurance ............................................................................................................28 Highlights of Maha Jeevan Product ..........................................................................................29 Joint Ventures of India first Life Insurance............................................................................29 SWOT Analysis ....................................................................................................................................30 Strength.............................................................................................................................................30 Weakness...........................................................................................................................................30 Opportunities...................................................................................................................................30 Threats...............................................................................................................................................30 Organizational Structure of AIM India ........................................................................................31 Recruitment & Selection Process of AIM India ..........................................................................31 For Interns........................................................................................................................................31 For Final Placement.......................................................................................................................31 4. INTERNSHIP SUMMARY.................................................................................................................32 Sales Process Summary ....................................................................................................................33 Winter Internship Achievements: ..................................................................................................37 5. PROJECT DESCRIPTION ...............................................................................................................38 Project Title: Analyzing customer decision making process in insurance services .........38 Methodology.....................................................................................................................................38 Research Design..............................................................................................................................38 Target Population...........................................................................................................................38 Sample Frame..................................................................................................................................38 Sample Size ......................................................................................................................................38 Sampling Techniques.....................................................................................................................38 Data Collection................................................................................................................................39 Data Analysis Tools ........................................................................................................................39 6. LEARNING/ FINDING.......................................................................................................................40 7. SUGGESTION .....................................................................................................................................51 8. REFERENCES.....................................................................................................................................52 Annexure
  • 6.
    Winter Internship Report,Pune Institute of Business Management, Pune 6 1. PROJECT SYNOPSIS Project Title Company Name Student Name Student Roll No External Mentor Name External Mentor Designation Internal Mentor Name Confidential Report (Yes/No) Duration of project Project Summary Analyzing customer decision making process in insurance services. AIM India Pvt Ltd Anand Singh Tomar DM17B04 Shivani Gupta HR Area Manager Dr. Govindnath Srivastav No 32 days Project was to know decision-making process of customers while buying an insurance policy. I with the help of AIM India designed a questionnaire for the project. So, through online platform & telephonic interviews, i collected data filled by respondents in questionnarie and completed my project with new learnings, findings and achievements.
  • 7.
    Winter Internship Report,Pune Institute of Business Management, Pune 7 2. ABOUT THE SECTORi Insurance in India refers to the market for insurance in India which covers both the public and private sector organizations. It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central government. The insurance industry of India consists of 57 insurance companies of which 24 are in life insurance business and 33 are non-life insurers. The Confederation of Indian Industry states that the insurance sector of the country has been witnessing a consistent growth rate of late and its present worth is 41 billion US dollars. The industry has of late achieved a yearly growth rate within 32 and 34 percent and this makes it the 5th best among emerging economies around the world. The various entities of the industry are also bringing out newer products on a regular basis to attract their customers. As per rules, the upper limit of foreign direct investment permitted in this sector is 26 percent. However, this has to be done through the automatic route and the investor needs a license from Insurance Regulatory and Development Authority (IRDA). Among the life insurers, Life Insurance Corporation (LIC) is the sole public-sector company. Apart from that, among the non-life insurers there are six public sector insurers. In addition to these, there is sole national re-insurer, namely, General Insurance Corporation of India (GIC Re). Other stakeholders in Indian Insurance market include agents (individual and corporate), brokers, surveyors and third-party administrators servicing health insurance claims.
  • 8.
    Winter Internship Report,Pune Institute of Business Management, Pune 8 Top companies in insurance sector are:ii Company Market share LIC 50% ICICI 10% SBI 5% Bajaj 4% Reliance 5% HDFC 6% Birla 4% Max 3% Tata 2% Met Life 1% Kotak 2% India first life insurance 1% Others 7% 50% 10% 5% 4% 5% 6% 4% 3% 2% 1% 2% 1% 7% Market share LIC ICICI SBI Bajaj Reliance HDFC Birla Max Tata Met Life Kotak India first life insurance Others
  • 9.
    Winter Internship Report,Pune Institute of Business Management, Pune 9 Evolution of Insurance sectoriii  All life insurance companies were nationalized to form LIC in 1956 to increase penetration and protect policy holders from mismanagement  The non-life insurance business was nationalized to form GIC in 1972  Malhotra Committee recommended opening up the insurance sector to private players  IRDA, LIC and GIC Acts were passed in 1999, making IRDA the statutory regulatory body for insurance and ending the monopoly of LIC and GIC  Post liberalization, the insurance industry recorded significant growth; the number of private players increased to 44 in 2012(1)  The industry has been spurred by product innovation, vibrant distribution channels, coupled with targeted publicity and promotional campaigns by the insurers  In December 2014, Government approved the ordinance increasing FDI limit in Insurance sector from 26 per cent to 49 per cent. This would likely to attract investment of US$ 7-8 billion  In 2015, Government introduced Pradhan Mantri Suraksha Bima Yojna and Pradhan Mantri Jeevan Jyoti Bima Yojana  Government introduced Atal Pension Yojana and Health insurance in 2015  As per Union Budget 2016-17, new health insurance scheme under the National Health Protection Scheme has been introduced  In Union Budget 2017, government increased the coverage from 30 per cent to 40 per cent under Pradhan Mantri Fasal Bima Yojna.  Insurance companies raised more than US$ 5 billion from public issues. India insurance industry growth in last few yearsiv The life insurance companies have performed the best when it comes to growth with an increase of almost 70% in new premium that has been collected in the initial 5 months of 2012. As per IRDA data, in April-August 2010 the insurance companies earned $11.73 billion in new premium - in the corresponding period in the previous year the amount stood at 6.9 billion dollars. LIC, a state held insurer, had been the biggest profit maker at that time with an addition of 88% to their existing business. The privately-owned insurers together had seen a leap of 34% to their policy sales. ICICI Prudential earned 576.60 million dollars at that time. During April-August 2009 SBI Life had earned $379.20 million in sales of new policies and that figure went up to $531.87 million in the corresponding period in 2010 making it an increase of 40%. HDFC Standard Life also experienced a good growth of 54% in new sales. IRDA data shows that between April and October 2010 the general insurance industry experienced a year-on-year growth of 22.76% with regards to underwritten gross premium.
  • 10.
    Winter Internship Report,Pune Institute of Business Management, Pune 10 The total value of that premium was 5.29 billion dollars while the same figure stood at $4.31 billion in April-October 2009. For the public-sector companies, the year-on-year growth rate was 21.09 percent between April-October 2010 and April-October 2009. In the same period the privately held insurers saw an increase of 25.19 percent in terms of premium collected. Among the publicly owned entities, New India Insurance was one of the better performers with a premium income of 916.77 million dollars in April-October 2010. At the same period in 2009 they had earned 770.25 million dollars which implies a growth rate of 19.04%. The IRDA Summary Report of Motor Data of Public and Private Sector Insurers 2009- 10 states that in the same period almost 28.4 million policies were sold and the aggregate worth of premium collected was $2.31 billion. The health insurance sector, according to the RNCOS' research report named "Booming Health Insurance in India" posted unprecedented growth rates in 2008-09 and 2009-10. The report also estimates that between the 2009-10 and 2013-14 the sector would see a compound annual growth rate (CAGR) of at least 25%. India’s current market continues to be strong  The insurance industry is expected to reach US$ 280 billion by 2020. In 2016, around 46 private players were operating in the industry, while Life Insurance Corporation accounted for 72.61 per cent of the country¡¦s insurance market.  Individual single premiums received increased from US$ 0.16 billion in 2015 to around US$ 1.02 billion in 2016.  Indian Government announced its plans to divest US$ 1.63 billion worth of stakes in PSU general insurance companies to execute the steep disinvestment target of US$ 10.78 billion in FY17.  IRDAI has allowed insurers to invest up to 10 per cent in additional tier 1 (AT1) bonds, that are issued by banks to augment their tier 1 capital, in order to expand the pool of eligible investors for the banks.
  • 11.
    Winter Internship Report,Pune Institute of Business Management, Pune 11 India insurance industry contribution to GDPv Experts are of the opinion that around the world the insurance industry contributes around 4.5% to national GDPs. They have questioned the logicality of opinions that in India the contribution can be higher saying that there are other important sectors like education, defense, and health that cannot be undermined in this context. They have ruled out possibilities that the sector can contribute 10% to India's GDP. The Chairman of IRDA, Hari Narayan has ruled out any such possibility asking if India's GDP growth will be that much in the next few years ahead. The IRDA states that in India land and gold are more preferred as forms of investment. Narayan feels that if the insurance sector is to do well in terms of contribution to GDP then more people should be convinced about its capability to provide good ROI (return on investment). In terms of policies sold following are the top insurers in India:vi Company Policies sold (till December 2011) LIC 20404281 Future Generali Life 100143 ICICI Prudential 785938 Met Life 98904 Reliance Life 698109 Star Union Dai-ichi 82037 Bajaj Allianz 640483 Shriram Life 73490 Birla Sunlife 589855 Bharti AXA Life 69151 SBI Life 491927 Aegon Religare 47332 Max New York 405662 IDBI Federal 45833 HDFC Standard 397408 Canara HSBC OBC Life 44899 Tata AIG 199275 DLF Pramerica 43299 Kotak Life Insurance 199614 IndiaFirst 38498 Aviva 100216 Sahara Life 36228 Edelweiss Tokio 1968
  • 12.
    Winter Internship Report,Pune Institute of Business Management, Pune 12 India insurance industry - some key findings Following are some important findings from World Bank regarding the condition of insurance industry in India:  Between 2005 and 2010 the yearly GDP growth was approximately 8.56%  At the same time, the ratio of gross savings to GDP was 33%  Middle class saw the quickest growth  The life expectancy rate of people went up and urban development happened at almost 54%.  In 2010 rate of premium growth came down to 4.2% and compared to global standards the premium share was pretty low  Major operational issues for insurers were expenditure control, claims settlement procedures, improving investment yields, and capital requirements  In the 2010-11 fiscal the life insurance industry grew by 4.20% while the general insurance industry increased by 8.10%. 20404281 100143 785938 98904 698109 82037 640483 73490 589855 69151 491927 47332 405662 45833 397408 44899 199275 43299 199614 38498 100216 36228 Policies sold (till December 2011), 1968 LIC Future Generali Life ICICI Prudential Met Life Reliance Life Star Union Dai-ichi Bajaj Allianz Shriram Life Birla Sunlife Bharti AXA Life SBI Life Aegon Religare Max New York IDBI Federal HDFC Standard Canara HSBC OBC Life Tata AIG DLF Pramerica Kotak Life Insurance IndiaFirst Aviva Sahara Life Edelweiss Tokio 0 5000000 10000000 15000000 20000000 25000000 AXIS TITLE Policies sold (till December 2011) Policies sold (till December 2011)
  • 13.
    Winter Internship Report,Pune Institute of Business Management, Pune 13  During that time the paid-up capital (private total) for the life insurance sector was INR 236.57 billion while the paid-up capital (industry total) was INR 236.63 billion.  In 2010-11 the paid-up capital (private total) for the general insurance sector was INR 39.56 billion while the paid-up capital (industry total) was INR 67.06 billion.  In 2010-11 the operating costs of privately owned life insurers was INR 159.62 billion while the total life insurance industry expense was INR 329.42 billion.  In the same time the privately owned general insurers spent INR 39.32 billion from an industry total of INR 106.20 billion.  In 2010-11 the privately held life insurers paid benefits and claims worth INR 312.51 billion while the industry aggregate was INR 1425.24 billion.  At the same time the private general insurers paid benefits and claims worth INR 99.37 billion while the industry total was INR 295.36 billion. India insurance product composition General Insurance Product Percentage Engineering 4 Motor OD 27.63 Motor TP 14.94 Health 22.58 Aviation 1.08 Liability 2.4 Personal accident 2.63 Fire 10.91 Marine 5.97 Others 7.37 4 27.63 14.9422.58 1.08 2.4 2.63 10.91 5.97 7.37 General Insurance Engineering Motor OD Motor TP Health Aviation Liability Personal accident Fire Marine Others
  • 14.
    Winter Internship Report,Pune Institute of Business Management, Pune 14 Life Insurance Product Percentage Non-linked life individual 21.7 Non-linked gen annuity group 4.33 Non-linked gen annuity individual 0.85 Non-linked pension group 4.22 Non-linked pension individual 0.25 Non-linked health 0.09 Linked insurance 55.01 Riders 0.01 Linked life group 13.54 21.7 4.33 0.85 4.22 0.25 0.09 55.01 0.01 13.54 Life Insurance Non linked life individual Non linked gen annuity group Non linked gen annuity individual Non linked pension group Non linked pension individual Non linked health Linked insurance Riders Linked life group
  • 15.
    Winter Internship Report,Pune Institute of Business Management, Pune 15 Top Insurance Policiesvii Company Product LIC Jeevan Vaibhav ICICI Prudential ICICI Pru iCare Reliance General Insurance Reliance Private Car Insurance Reliance Travel Care for Students Bajaj Allianz CashRich Family Floater Health Guard Plan Car Insurance HDFC Life Click2Protect HDFC LIFE SMART WOMAN PLAN Tata AIG Insurance Tata AIG Motor Insurance Tata AIG Travel Insurance Tata AIG Wellsurance Family Kotak Life Insurance Kotak Assured Protection Plan Kotak Assured Income Plan Kotak Assured Investment Plan Aviva Aviva Health Secure Aviva i-Life Future Generali Future Generali Smart Life Future Generali Health Suraksha MetLife Retirement Plans Met Monthly Income Plan Star Union Dai-ichi Life Insurance Suraksha Kavach Shriram Life Insurance ShriLife Wealth Plus Money Back Shriram Ujjwal Life SP Bharti AXA Bharti AXA Life eProtect Aegon Religare iTerm IDBI Federal Termsurance Wealthsurance Childsurance Lifesurance Healthsurance Incomesurance Loansurance Homesurance Bondsurance
  • 16.
    Winter Internship Report,Pune Institute of Business Management, Pune 16 Microsurance Canara HSBC OBC Life Insurance Dream Smart Plan Grow Smart Plan Future Smart Plan Secure Smart Plan Smart Sanchay Plan DLF Pramerica Life Insurance Income Rakshak DLF Pramerica Family Income DLF Pramerica Family First DLF Pramerica U-Protect IndiaFirst Life Insurance IndiaFirst Maha Jeevan Plan Sahara Life Insurance Sahara Vatsalya-Jeevan Bima Apollo Munich Health Insurance OptimaRESTORE Star Health Insurance Family Health Optima Star Unique Health Senior Citizen Health Insurance IFFCO TOKIO General Insurance Auto Protector Policy Individual Medishield Policy New India Assurance Householder's Policy Motor Insurance Policy Overseas Mediclaim Policy Fire & Machinery Policy Industrial All Risk Policy Shopkeeper's Policy Oriental Insurance Oriental's Motor Insurance Policy Happy Family Floater Scheme National Insurance Car Insurance Cholamandalam MS General Insurance Chola MS Private Car Chola MS Student Travel Chola MS Family Healthline HDFC Ergo Travel Insurance HDFC Ergo Health Suraksha Universal Sompo General Insurance Householder's Insurance Policy Shopkeeper's Insurance Policy Motor Insurance Policy Individual Health Bills L&T Insurance my:health Medisure Prime Insurance
  • 17.
    Winter Internship Report,Pune Institute of Business Management, Pune 17 India insurance industry major problems Following are some of the major problems plaguing the insurance industry in India:  Focus on actuarial pricing  Regulatory misunderstanding  Investment regulations  Solvency regulation  Claims settlement procedures  Data clarity  Distribution channel issues Why are more people taking insurance policies? One of the major reasons for an increasing number of people availing insurance policies in India is the growing level of awareness. People nowadays value their lives, their health, and their families even more than before given the tough economic circumstances and so want to make sure that everything is fine even if they are not there. Yet another reason for the growing popularity of insurance policies is the benefit of tax exemption that is provided to family oriented and individual plans. Majority of the private insurers also provide lucrative returns and are now being availed by a section of the Indian society with greater disposable earnings. There is an aspect of psychological comfort attached to the insurance policies as well - whenever an insurance is availed the policyholder can be more or less assured of a safe future for that particular part of his or her life. Porter’s Five Forces Model of Insurance Sector Competition in an industry is rooted in its underlying economics, and competitive forces exist that go well beyond the established combatants in a particular industry. Customers, suppliers, potential entrants, and substitute products are all competitors that may be more or less prominent or active depending on the industry. The state of competition in an industry depends on five basic forces that are as follows:
  • 18.
    Winter Internship Report,Pune Institute of Business Management, Pune 18 1. The threat of new entrants  Other financial companies can enter the industry  Overall threat is medium given that entry is subject to license and regulations 2. The bargaining power of buyers/customers  Bargaining power of customers especially corporate is very high because they pay huge amount of premium 3. The threat of substitute products  Similarity in services makes switchover a potent threat  Investment oriented customers have switched to other avenues 4. The amount of bargaining power suppliers have  Supplier being the distributor or agent have high bargaining power because they have customer database and can influence customers in making choices 5. The intensity of the competitive rivalry  Insurance industry is becoming highly competitive with 52 players operating in the industry  Companies are competing on price and also using low price and high returns strategy for customers to lure them
  • 19.
    Winter Internship Report,Pune Institute of Business Management, Pune 19 3. ABOUT THE COMPANY & DEPARTMENTviii Accrual Intelligence Manuals Group identity as the leading provider of professional wealth advisory in India and abroad. AIM India delivers a one stop solution/ service to achieve financial independence. There principle is to deliver high returns to our clients through our network of government sector banks in India. Aim India comprehensive wealth management is a high level professional service that combines financial and investment advice in accounting, taxation services and retirement planning. Its wealth management is much more than just investment advice as we encompass all parts of an individual's financial life. They coordinate all the services needed to manage client's money and plan for their own and family's current and future needs, maintain and increase their wealth based on individual's financial situation goals and comfort level with risk. Aim India team offers an ongoing support and advice when your investment is successfully done. They will keep you informed of changes in regulations that directly affect you and leaving you to focus on strategies that maximize profitability and productivity in investment.
  • 20.
    Winter Internship Report,Pune Institute of Business Management, Pune 20 India headquartered & experts in Wealth Advisory & Internships  Based in India  Wealth Management Advisors  Corporate Service Provider AIM India believes in Dynamic Culture and it is our goal to help the Individual in dealing with the dynamism of environment whether it is related to their wealth or expansion of business. Aim India Group is the leading Advisory in India and Abroad. We at AIM India provide Training / Development programs in India and Abroad and are having a team of exclusive Corporate trainers. There Principle is to deliver high rate of returns to our clients through our network of government sector banks in India. Keeping in mind the most critical needs in today's context, they came up with wealth Advisory firm to provide a customer expertise advice to achieve financial Independence.
  • 21.
    Winter Internship Report,Pune Institute of Business Management, Pune 21 AIM India Vision We will seek out clients for whom we can serve as their trusted advisor, attending to the details of their financial life as it moves forward. We will learn about their history, and help them clarify their goals, values and dreams, rather than simply inquiring about their balance sheet. We will develop a personal insight into their lives as well as the role money plays for them. By adding our professional financial planning and investment management expertise and wisdom, we will serve as a coach to assist in reaching their personal goals and recognizing financial peace of mind. AIM India Mission To seek opportunities to better the financial planning industry by educating other financial advisors across the country. By sharing our knowledge, we will help create an environment where more clients can be effectively served by an increasing number of advisors offering comprehensive financial planning and adhering to a fiduciary standard. AIM India Services Internship Services We provide domestic & international level internship. AIM India have a team of experienced educational and training professionals who can provide training solutions for clients to ensure that RPAS operations are effectively and seamlessly integrated into their existing business systems. Our training specialists include technical training specialists, formed high school teachers, university lectures and regulatory training specialists. We have developed training manuals, conducted training needs analysis, provided in-house training and produced online and e-training resources.
  • 22.
    Winter Internship Report,Pune Institute of Business Management, Pune 22 Compliance Services Our Compliance experts have the complete knowledge of the corporate compliance needs across jurisdictions in the territory. Non-Compliance can result in fines and imprisonment if one has no updates regarding important information. The compliance horizon in the Asian jurisdictions is highly dynamic as most of the economies are on verge of transition. AIM India will be a valuable partner for the companies having intra-regional operations offering them compliance services/solutions for all of their Regional Subsidiaries. We will leave you to concentrate on your core activities as we will be providing you the following services:  Company Constitution  Meetings & Company Officers  Maintaining Statutory Books & Registers  Annual Filings with The Company Registrar  Statutory Reporting Accounting Services As the companies expand their business, accounting transactions gets bulky and complex and accounting converts into a strategic function from primary function. At AIM India, we will provide you customized accounting solutions as our accounting experts possess regional exposure and
  • 23.
    Winter Internship Report,Pune Institute of Business Management, Pune 23 extensive technical knowledge. Trusting a regional expert with accounting is elementary to achieve control and transparency in accounting through standardization of agenda. We have a leading edge of experienced professionals and IT System to render smooth, co-related and comprehensive reinforcement regionally. We are dynamic towards systems and solutions to stay relevant to the changes in the region. Our proficiency will empower the enterprises to expand by beholding the measured decisions. Our Accounting Services are:  Accounting and Bookkeeping  Statutory Reporting  Payroll and Expense Claim Management Services  Bank Account Reconciliation  Corporate Tax Compliance Taxation Services Tax arrangement is dynamic and complex as it changes with the change of authority. Its complexity increases in the nation where there is tax at every level. Companies having cross border transactions need effective planning to minimize tax costs. Tax liabilities can be optimized by making effective structuring of business entities and revenue models. A new enterprise will need a guidance to learn about the tax incentives, withholding tax and transfer pricing formalities which is provided by the Tax professionals of AIM India Group. Our Professionals are well possessed with the analytical understanding of taxation which will help the client in managing the Taxation regime of his business. Our main services are:  Corporate Income Tax Returns  Vat Returns  Indirect Tax  Withholding Tax  Tax Optimizations  Transfer Pricing  Tax Advisory in M&A, Cross Border Investment, Tax Disputes etc.
  • 24.
    Winter Internship Report,Pune Institute of Business Management, Pune 24 Training & Development Services Effective training and development begins with the overall strategy and objectives of the small business. The entire training process should be planned in advance with specific company goals in mind. AIM India helps in developing a training strategy, which will be helpful to assess the company's customers and competitors, strengths and weaknesses, and any relevant industry or societal trends. The next step is to use this information to identify where training is needed by the organization as a whole or by individual employees. It will help in conducting an internal audit to find general areas that might benefit from training, or to complete a skills inventory to determine the types of skills employees possess and the types they may need in the future. Each job within the company should be delegated on a task-by- task basis in order to help determine the content of the training program. Recruitment Services Customized strategies are developed from a deep understanding and observation of organization's culture and its business objectives. Expansion in new markets or recruitment for that market can only be done after having the full-fledged knowledge of recruitment, remuneration and retention strategies besides the understanding of regional work culture. At AIM India, you will find a network of efficient regional consultants who will provide you the pathway towards seamless recruitment services starting from identifying your potential clients to handling the immigration process, if required. Our experts have the complete knowledge to provide valuable advisory in the following matters:  Candidate Search  Profiling
  • 25.
    Winter Internship Report,Pune Institute of Business Management, Pune 25  Interview Coordination  Employment Contract  Immigration  Advisory Service Consulting Services Asia is gaining importance as global economic engine and with the introduction of the concept of International Business, every business in every country is trying to get connected with each other despite of the regional differences. AIM India have a group of consultants which provides due diligence to the different businesses regarding their critical business decisions such as M & A, Investment and expansion into the new areas, etc. and we also help in identifying the new and effective sources of advantages while avoiding risk. We mainly provide the following services:  Corporate Development & Finance  Investment  People & Management  New Market/Partner/Vendor Evaluation  Operations  Technology  Grant Assistance (for Indian & Foreign companies) Insurance Services
  • 26.
    Winter Internship Report,Pune Institute of Business Management, Pune 26 Different types of business have different types of risks. For adequate coverage, regionally settled businesses need a thorough understanding of their market so that they can identify the potential risk involved. Natural disasters, political uncertainties, epidemics, terror threats, technological threats are adding to the risks posed by economic instability and competition. AIM India have the group of insurers who provide the comprehensive coverage and detailed risk assessment to identify the gap. Our insurers will also advise you about the minimization of expenses on risk premium by providing the services to reduce claims and they will help you in gaining the understanding of uninsured risks so that you can avoid them. Our main services in this sector are:  Risk Assessment  Coverage  Risk Management  Corporate Insurance - Property, Pecuniary, Liability and Group  Political Risk  Professional Insurance  Financial Risk  Trade and Credit Risk Mutual Funds A mutual fund is a professionally-managed investment scheme, usually run by an asset management company that brings together a group of people and invests their money in stocks, bonds and other securities. As an investor, you can buy mutual fund 'units', which basically represent your share of holdings in a particular scheme. These units can be purchased or redeemed as needed at the fund's current net asset value (NAV). These NAVs keep fluctuating, according to the fund's holdings. So, each investor participates proportionally in the gain or loss of the fund. All the mutual funds are registered with SEBI. They function within the provisions of strict regulation created to protect the interests of the investor. The biggest advantage of investing through a mutual fund is that it gives small investors access to professionally-managed, diversified portfolios of equities, bonds and other securities, which would be quite difficult to create with a small amount of capital. AIM India will provide you all the updates and services regarding mutual funds so that you can choose from the best available option.
  • 27.
    Winter Internship Report,Pune Institute of Business Management, Pune 27 Retirement Planning There are two components to retirement income planning: Personal Planning and Financial Planning. Personal planning is important because it is the determining factor of your satisfaction with your retirement lifestyle. Financial planning is crucial because it identifies your sources of income and expenses and establishes your retirement budget, based on your personal plan. Personal Planning All too often people entering retirement do not place enough emphasis on personal planning to ensure they maximize their opportunities. So, AIM India helps you at an early stage in your planning process and gives you time to think about the choices you have, about how you would like to spend your time during retirement. Financial Planning Will you have adequate funds to provide the kind of retirement lifestyle you envision? AIM India provides all the answer to the questions you are having and help you in recalling that your income will likely come from three general sources: government pensions, employment-related sources and your own personal investments. International Expansion Services Overseas market provides the opportunity to expand in the markets worldwide and also helps in identifying the opportunities related to new sources of revenue, access to new talent, diversified risk and competitive parity. It is well known that internationalization is a complex process. At AIM India group, we have the specialists who can provide the country level compliance services,
  • 28.
    Winter Internship Report,Pune Institute of Business Management, Pune 28 accounting and taxation services, payroll and corporal secretarial services. We are meant to take your company abroad for the expansion. We will help you in expanding your business in Singapore, Malaysia and Dubai for a start. Wealth advisory services Wealth management as an investment-advisory discipline which incorporates financial planning, investment portfolio management and a number of aggregated financial services. High-net- worth individuals (HNWIs), small-business owners and families who desire the assistance of a credentialed financial advisory specialist call upon wealth managers to coordinate retail banking, estate planning, legal resources, tax professionals and investment management. At AIM India Group, we have the wealth managers who have backgrounds as independent Chartered Financial Consultants, Certified Financial Planners, Chartered Strategic Wealth Professionals, Chartered Financial Planners or any credentialed (such as MBA) professional money managers who will help you to enhance the income, growth and tax-favored treatment for long term. Private wealth management is delivered to high-net- worth investors. We will also guide you on the use of various estate planning vehicles, business-succession or stock-option planning, and the occasional use of hedging derivatives for large blocks of stock. AIM India Product Aim India deals with India First life insurance Maha Jeevan product. India First Life Insuranceix India First Life Insurance Company is a life insurance company in India. It is a joint venture between two of India's public-sector banks – Bank of Baroda (44%) and Andhra Bank (30%), and UK's financial and investment company Legal & General (26%). It was incorporated in
  • 29.
    Winter Internship Report,Pune Institute of Business Management, Pune 29 November, 2009. It has its headquarters in Mumbai India First Life made more than Rs. 2 billion in turnover in just four and half months since the insurance company became operational. India First Life insurance company is headquartered in Mumbai. The company is headed by the MD & CEO Ms.R.M. Vishakha. Highlights of Maha Jeevan Product Joint Ventures of India first Life Insurance 8% Return on Investment Tax benefits under sec 80c & sec 1010d Life Cover of 1 premium* (16-18) times
  • 30.
    Winter Internship Report,Pune Institute of Business Management, Pune 30 SWOT Analysis Strength  Corporate collaborations  Global presence  Business growth  Rise in per capita income  Emerging middle-income group Weakness  Dominance of public sector  Less promotions Opportunities  Creation of strong future growth  Rise in income  Rise in awareness  Creation of stronger demand Threats  Economic crisis  Entry of new NBFCs in the sector  Varying government policies
  • 31.
    Winter Internship Report,Pune Institute of Business Management, Pune 31 Organizational Structure of AIM India Recruitment & Selection Process of AIM India For Interns For Final Placement CEO Director Managers Corporate Sales Manager Interns HR Area Manager Interns Admin Manager Pre- placement talk Personal Interview Offer Letter Pre- placement talk GD/Aptitude Personal Interview Skype Interview Offer Letter
  • 32.
    Winter Internship Report,Pune Institute of Business Management, Pune 32 4. INTERNSHIP SUMMARY Induction HR profile training Finance profile training Marketing Profile training Role-plays Field work (Sales) Market Research Analysis of data Evaluations Counselling Feedback Recognition
  • 33.
    Winter Internship Report,Pune Institute of Business Management, Pune 33 Sales Process Summary Week 1: Day 1(18/12/2017): We were gathered in the corporate office of the company. Induction program was done for all interns. We were introduced to the staff there and mentors were assigned. Interns were told about organization vision, mission and goals were assigned later after the introduction, we were given an activity of Money Multiplier where we earned Rs 1089 from Rs 500 investment. Before leaving the office, we were assigned 2nd task i.e. online promotion of Aim India. Day 2(19/12/2017): HR profile training was given i.e. recruitment & selection, interview process, dress for success. We were told about how to manage payrolls and how to make ctc and all policies used by the company while preparing CTC and I was assigned task 3 that was to make a payroll CTC of 14 lacs i.e. pay slip. Day 3(20/12/2017): Finance profile training was given to us i.e. taxation & all taxation slabs and terminologies. I was certified as the winner of the Online promotion task of Aim India. We were told how to know what CTC you have to pay how much tax. And we were assigned task 4 that was that at CTC of 1crore 19 lacs and calculate how much tax has to be paid by Mr X? Role- playing was done to understand various situations. Day 4(21/12/2017): Finance profile training was given on various financial sectors with all merits & demerits. I was assigned task 5 to prepare a presentation on different financial sectors and I have to present it on next day. Fixing appointment with potential customer. Meeting with potential customer. Follow-up through calls and 1-2 more meeting with potential customer. Closure and cheque taken from customer. Insurance bond delievery to the customer address.
  • 34.
    Winter Internship Report,Pune Institute of Business Management, Pune 34 Day 5(22/12/2017): I had given the presentation on the assigned task 5. We were told about the tie-ups and banks that are the joint venture of India first life insurance. We were told about investor expectations from an investment and various types of investment plans. I was assigned task 6 to prepare a presentation on various bank tie-ups. Day6(23/12/2017): I gave the presentation on task6. Marketing profile training was given to us. Various tax benefits were told. How to pitch your product to a customer was told to us. How to create a daily sales report was told to us. I was assigned task 7 to make a daily sales report. The product launch was there and the name of the product was Maha Jeevan product of India First life insurance which we have to sale. The product was briefly described and all plans of the product were told to us. I was assigned task 8 to write Maha Jeevan product highlights in minimum 25 sentences where I wrote and told 41 sentences about the product. Week 1 Learnings:  Importance of organization goals.  HR practices.  Employee Lifecycle.  CTC Payroll.  Taxation.  Different financial sectors.  Tax benefits.  Daily sales report.  About Product. Week 2: Day 8(25/12/2017): Christmas Day celebration. Cake cutting ceremony and fun. Query session related to the product. Day 9(26/12/2017): Club launch. Briefing about documents required to buy product and courier process. Roleplay. Queries about the product. Day 10(27/12/2017): Contest launch. Briefing about online authentication, excel formation & benefits illustration. Query session. Day 11(28/12/2017): 4 meetings with my potential customer where I tell them about the investment policy. Day 12(29/12/2017): 5 meetings with my potential customer where I tell them about the investment policy. Day 13(30/12/2017): 6 meetings with my potential customer where I tell them about the investment policy.
  • 35.
    Winter Internship Report,Pune Institute of Business Management, Pune 35 Week 2 Learnings:  Patience.  Situation handling.  Competitors of our investment policy with more good features.  Customers need and want.  Approach to clients.  Customer perceptions.  Market scenario and insights.  Marketing is not all about sitting in the office.  Marketing strategies.  Customer investment in various financial sectors. Week 3: Day 14(31/12/2017): 5 meetings with my potential customer where I tell them about the investment policy. Day 15(1/1/2018): 3 meetings with my potential customer where I tell them about the investment policy. Day 16(2/1/2018): 4 meetings with my potential customer where I tell them about the investment policy. Day 17(3/1/2018): 5 meetings with my potential customer where I tell them about the investment policy. Day 18(4/1/2018): 6 meetings with my potential customer where I tell them about the investment policy. Day 19(5/1/2018): 5 meetings with my potential customer where I tell them about the investment policy. Day 20(6/1/2018): 4 meetings with my potential customer where I tell them about the investment policy. Week 3 Learnings:  Flexibility.  Adaptability.  Make your brand better.  Customer orientation.  Tactical skills.
  • 36.
    Winter Internship Report,Pune Institute of Business Management, Pune 36  Influential skills.  Customer relationship management.  If the customer doesn't have need generate it. Week 4: Day 21(7/12/2018): 4 meetings with my potential customer where I tell them about the investment policy. Day 22(8/1/2018): 5 meetings with my potential customer where I tell them about the investment policy. Day 23(9/1/2018): 6 meetings with my potential customer where I tell them about the investment policy. Day 24(10/1/2018): 3 meetings with my potential customer where I tell them about the investment policy. Day 25(11/1/2018): 5 meetings with my potential customer where I tell them about the investment policy. Day 26(12/1/2018): 4 meetings with my potential customer where I tell them about the investment policy. Day 27(13/1/2018): 2 meetings with my potential customer where I tell them about the investment policy. Week 4 Learnings:  Customer Delight.  Conversion of the potential customer into the real customer.  Leadership skills.  Sales pitching skills.  Customer follows up skills.  Customer retention skills.  Conversion of customer needs into the want.  Promotion of product. Week 5: Day 28(14/12/2018): 3 meetings with my potential customer where I tell them about the investment policy. Day 29(15/1/2018): Market Research job profile training.
  • 37.
    Winter Internship Report,Pune Institute of Business Management, Pune 37 Day 30(16/1/2018): Project report submission and analysis. Day 31(17/1/2018): Counselling & evaluation. Day 32(18/1/2018): Certification & Recognitions. Winter Internship Achievements: My target of sales was Rs 65,000 and achieved sales of Rs 1,50,000. Best intern of the batch. Completed my winter internship with A+ grading. Qualified for Jaipur and Manali business convention. Qualified for AIM India Recognition night. Got certificate of:  Online promotion  Best Presentation  Early Bird  Logger of the day
  • 38.
    Winter Internship Report,Pune Institute of Business Management, Pune 38 5. PROJECT DESCRIPTION Project Title: Analyzing customer decision making process in insurance services Methodology The objectives of the study were to analyze and to know the decision that a customer take before taking an insurance service. The research is Descriptive Research Design, the sources of data are Primary data and the methods that were used in the data collection was Online Platform and Questionnaire for the research. The target population for the study is the people with the age of 14 to 50, the sample frame is New Delhi area and size is 533, sampling technique is Probability and data is obtained from the study which is analyzed through Microsoft-Excel. Research Design This research is a study that is mainly aimed at examining customer behavior in the insurance industry. The descriptive research design is used to identify the new factors that are influencing customer decision making process in insurance services to establish the relationship that exists between factors to serve the customer in the better way. According to the objective of research identify research technique for data collection it is quantitative research type (Descriptive research) and questionnaire approach was adopted to collect the data. Target Population The target population was the people of New Delhi area and all the potential customers of AIM India. Sample Frame The sampling frame of the target population is the age between 14 to 50 years, with income of 2.5 lacs to 20 lacs having an occupation in government sector, businessman, private job or self- employed. Sample Size Owing to the fact that, the population of all potential customers in New Delhi was too large and was un-known at the time of the study, so I finalized five hundred thirty-three (533) data were collected from customers of various occupation and age for the process the analysis. Sampling Techniques Sampling is done on probability basis. The theory behind the research is idealist, as quantitative methods are used.
  • 39.
    Winter Internship Report,Pune Institute of Business Management, Pune 39 This method was selected to enable to target specific customers of insurance services who were in position to provide the information needed for the study. Data Collection For the purpose of collecting data, a well-designed questionnaire was used which is or sometime according to the research requirement questionnaire has been designed from organization for industry specific research. This questionnaire consists of variables in both independent and dependent variable namely, Attitude, Perceived ease of use, Perceived usefulness, decision- making. Data Analysis Tools Microsoft Excel is used to analyze the primary data collected from the questionnaire and with the feature of Pivot table of Microsoft Excel the data was analyzed and customer decision-making process was identified.
  • 40.
    Winter Internship Report,Pune Institute of Business Management, Pune 40 6. LEARNING/ FINDINGx 1. How many people responded?  533 respondents 2. What is Male and Female ratio of respondents? Learnings: In 533 respondents, 127 respondents were female and remaining 406 respondents were male that is 24% were females and 76% were males. The ratio of the female is to male in this research was 6:19. This shows that mostly decision-making process to take insurance or not are taken by the male. 24% 76% Gender Female Male Gender Respondents Female 127 Male 406 Grand Total 533
  • 41.
    Winter Internship Report,Pune Institute of Business Management, Pune 41 3. What is the Age of Respondents? Age No of Respondents 14-20 13 21-25 52 25-30 110 30-35 143 35-40 127 40-45 63 45-50 12 50+ 13 Grand Total 533 Learnings: In 533 respondents, maximum respondents were of age 30-35 that is 143 and minimum were the age of more than 50+ that is 13. This shows that middle age people are more concerned about decision-making process for insurance. 13 52 110 143 127 63 12 13 0 20 40 60 80 100 120 140 160 14-20 21-25 25-30 30-35 35-40 40-45 45-50 50+ Age No of Respondents
  • 42.
    Winter Internship Report,Pune Institute of Business Management, Pune 42 4. What is the occupation of respondent? Occupation No of Respondents Government Services 108 Businessman 71 Private Job 155 Self-employed 89 Student 74 Others 36 Grand Total 533 Learnings: In 533 respondents, maximum respondents are in private jobs that are 155 and minimum respondents were students that is 71. This shows in terms of insurance decision-making process private job occupation people are more concerned and students are less concerned about insurances. 71 108 36 155 89 74 0 20 40 60 80 100 120 140 160 180 Businessman Government Services Others Private Job Self-employed Student Occupation No of Respondents
  • 43.
    Winter Internship Report,Pune Institute of Business Management, Pune 43 5. What is the income of respondents? Income No of Respondents Nil 71 0 - 2.5 lacs 12 2.5 - 5 lacs 34 5 - 7.5 lacs 53 7.5 - 10 lacs 78 10 - 12.5 lacs 98 12.5 - 15 lacs 56 15 - 17.5 lacs 43 17.5 - 20 lacs 37 More than 20 lacs 33 Confidential 18 Grand Total 533 71 12 34 53 78 98 56 43 37 33 18 0 20 40 60 80 100 120 Income No of Respondents
  • 44.
    Winter Internship Report,Pune Institute of Business Management, Pune 44 Learnings: Out of 533 respondents, the income of maximum respondents that is 98 is 10 -12.5 lacs and minimum respondents that is 12 is 0 – 2.5 lacs. This shows that income of 10 – 12.5 lacs people are more curious and concerned in decision-making process of insurance services and 0 – 2.5 lacs people are very less concerned. 6. Are you risk averse? Risk Averse No of Respondents Maybe 200 No 270 Yes 63 Grand Total 533 Learnings: Out of 533 respondents, 51% respondents that is 270 are not risk averse and 37% respondents that are 200 maybe risk averse and remaining only 12% that is 63 are risk-averse. This shows that people are less risk averse nowadays. 200, 37% 270, 51% 63, 12% Risk Averse Maybe No Yes
  • 45.
    Winter Internship Report,Pune Institute of Business Management, Pune 45 7. Do you have insurance policy? Insurance Policy No of Respondents No 239 Yes 294 Grand Total 533 Learnings: Out of 533 respondents, 55% respondents that is 294 people have insurance policies and 45% respondents that are 239 do not have insurance policy. This shows people are nowadays more concerned to take the insurance policy. 45% 55% Insurance Policy No Yes
  • 46.
    Winter Internship Report,Pune Institute of Business Management, Pune 46 8. Which is the current state of your insurance? Current State of Insurance No of Respondents The insurance has been cancelled 38 The insurance is over 13 The insurance is still running 306 Don't have insurance policy 176 Grand Total 533 Learnings: Out of 533 respondents, 306 respondent’s insurances are still running, 176 respondents don’t have the insurance policy, 38 respondent’s insurances have been cancelled and 13 respondent’s insurances is over. This shows that maximum people insurance is already running and they are concerned about it. 38 13 306 176 0 50 100 150 200 250 300 350 The insurance has been cancelled The insurance is over The insurance is still running Don't have insurance policy Current State of Insurance No of Respondents
  • 47.
    Winter Internship Report,Pune Institute of Business Management, Pune 47 9. Which are the main reasons for which you would buy an insurance? Reason for buying Insurance No of Respondents Forced Selling 27 Investment 139 Security 293 Tax 62 Other 12 Grand Total 533 Learnings: 55% respondents buy insurance for security, 26% respondents buy insurance as investment purpose, 12% respondents buy insurance to get tax benefits, 5% buy insurance as forced selling and 2% buy insurance for other purposes. This shows that mostly customer buys insurance as the reason for security. Forced Selling, 27, 5% Investment, 139, 26% Security, 293, 55% Tax, 62, 12% Other, 12, 2% Reason for buying Insurance Forced Selling Investment Security Tax Other
  • 48.
    Winter Internship Report,Pune Institute of Business Management, Pune 48 10. What criteria you use for choosing the insurance company? Criteria for choosing Insurance No of Respondents Agents 24 Characteristics of Product 168 Recommendation 27 Services 111 Trust 203 Grand Total 533 Learnings: 38% respondents choose insurance on the basis of trust on insurance companies, 32% respondents choose insurance on the basis of characteristics of product, 21% respondents choose insurance on the basis of services provided by an insurance company, 5% respondents choose insurance on the basis of recommendation and 4% respondents choose insurance through trusting agents. This shows that customers choose insurance on the basis of trust over an insurance company. 24, 4% 168, 32% 27, 5% 111, 21% 203, 38% Criteria for choosing Insurance Agents Characteristics of Product Recommendation Services Trust
  • 49.
    Winter Internship Report,Pune Institute of Business Management, Pune 49 11. How do you prefer to buy an insurance? Preference to buy an Insurance No of Respondent Direct from agency 141 Insurance Agent 252 Online 140 Grand Total 533 Learnings: 47% respondents prefer to buy an insurance through an insurance agent, 27% respondents prefer to buy an insurance directly from an agency and 26% respondents prefer to buy an insurance through the online platform. This shows that people prefer to buy the insurance policy through an insurance agent. 27% 47% 26% Preference to buy an Insurance Direct from agency Insurance Agent Online
  • 50.
    Winter Internship Report,Pune Institute of Business Management, Pune 50 12. Do you feel more protected having an insurance? Feel protected having an insurance No of Respondents No 51 Yes 482 Grand Total 533 Learnings: 90% respondents feel protected while having an insurance policy and 10% respondents do not feel secure while having an insurance. This shows people feel protected while having an insurance policy. 51, 10% 482, 90%482, 90% Feel protected having an insurance No Yes
  • 51.
    Winter Internship Report,Pune Institute of Business Management, Pune 51 7. SUGGESTION  Promotion of India First Life Insurance company should be more on every platform.  Claims of insurance policies should be given on time.  Every benefit illustration through the policy must be shown in the bond.  Every insurance policy should give their customer an online authentication where they can be also updated with their policy details and premium.  AIM India can collaborate with various multi-national companies and can get data on newly hired employees, where the company can tell the employee the tax that they can save their salaries.
  • 52.
    Winter Internship Report,Pune Institute of Business Management, Pune 52 8. REFERENCES i https://www.ibef.org/ ii http://www.aceanalyser.com/ iii https://en.wikipedia.org iv https://economictimes.indiatimes.com vhttp://assocham.org/ vi https://www.insurance.com/ vii http://www.policybazaar.com/ viii http://www.aimincorp.com/ ix https://www.indiafirstlife.com/ x https://docs.google.com/forms/d/1NcYojJJM1-3DMsk--wUzN3xAd2SCuZRSi48-u5ypD6c
  • 53.
    Winter Internship Report,Pune Institute of Business Management, Pune 53 Annexure Questionnaire 1. Name 2. Gender a. Female b. Male 3. Age a. 14-20 b. 21-25 c. 25-30 d. 30-35 e. 35-40 f. 40-45 g. 45-50 h. 50+ 4. Occupation a. Government Services b. Businessman c. Private Job d. Self-employed e. Student f. Other 5. Income a. Nil b. 0 - 2.5 lacs c. 2.5 - 5 lacs d. 5 - 7.5 lacs e. 7.5 - 10 lacs f. 10 - 12.5 lacs g. 12.5 - 15 lacs h. 15 - 17.5 lacs i. 17.5 - 20 lacs j. More than 20 lacs k. Confidential
  • 54.
    Winter Internship Report,Pune Institute of Business Management, Pune 54 6. Are you risk averse? a. Yes b. No c. Maybe 7. Do you have an insurance policy? a. Yes b. No 8. Which is the current state of your insurance? a. The insurance is still running b. The insurance is over c. The insurance has been cancelled d. Don't have insurance policy e. Other 9. Which are the main reasons for which you would buy an insurance? a. Tax b. Investment c. Security d. Discipline e. Forced Selling f. Other 10. What criteria you use for choosing the insurance company? a. Services b. Trust c. Publicity d. Recommendation e. Agents f. Characteristics of Product g. Other 11. How do you prefer to buy an insurance? a. Insurance Agent b. Direct from agency c. Online d. Other
  • 55.
    Winter Internship Report,Pune Institute of Business Management, Pune 55 12. Do you feel more protected having an insurance? a. Yes b. No 13. If you have not an insurance, would you buy one or you will not buy and why?