Study of Consumer Behavior and Customer Satisfaction

presented By-

What is Insurance?
Insurance is meant to compensate for losses from specified events. It helps to reduce the consequences of adverse situations. Insurance can compensate the monetary losses of the Assets as the Assets may be damaged from the external events. It may be described as a social device to ensure protection of economic value of life and other assets. Under the plan of insurance, a large number of people associate themselves by sharing risks attached to individuals

Functions of insurance:
Provide protection Collective bearing of risk Small capital to cover larger risk Contributes towards the development of industries Means of savings and investment Risk free trade

Investment of Indian household savings (as a % in different sector)

BANK DEPOSITS CORP. BANKS SHARES AND DEBENTURES

39% 2% 1%

MUTUAL FUNDS NBFCS GOVT. BONDS

2% 3% 13%

INSURANCE PF/ RETIRE FUNDS

13% 21%

CURRENCY

6%

Various types of life insurance policies: Endowment policies Money back policies Group insurance

Term life insurance policies

Whole life insurance policies Joint life insurance policies Unit linked insurance plan

Swot analysis OF INSURANCE SECTOR

4 Is of Insurance Service Intangibility -Insurance is a guarantee against risk and neither the risk nor the guarantee is tangible. Hence, insurance rightly come under services, which are intangible. Inconsistency-Service quality is often inconsistent. This is because service personnel have different capabilities, which vary in performance from day to day. Inseparability-Services are produced and consumed simultaneously. Consumers cannot and do not separate the deliverer of the service from the service itself. Inventory-No inventory can be maintained for services. Inventory carrying costs are more subjective and lead to idle production capacity.