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BACHELOR OF BUSINESS ADMINISTRATION
SUMMER TRAINING PROJECT REPORT ON
“Comparative study on HDFC Standard Life Insurance & MetLife India Insurance”
Submitted By: Name of student: Mayank Mahajan Enrollment No: 00120601709 Batch:2009-2012
Name: Mr. Mahtab Alam Designation: Assistant Professor
Name: Mrs. Veenu dua Designation: Sales Manager
Trinity Institute of Professional Studies
Affiliated To Guru Gobind Singh Indraprastha University
TO WHOM SO EVER IT MAY CONCERN
This is to certify that the project work “Comparative study on HDFC Standard Life Insurance & MetLife India Insurance” made by Mayank Mahajan of BBA GEN I Shift 00120601709 is an authentic work carried out by her under guidance and supervision of Mr. Mahtab Alam. The project report submitted has been found satisfactory for the partial fulfillment of the degree of Bachelor of Business Administration.
Signature Mahtab Alam Name
It is in particular that I am acknowledging my sincere feeling towards my mentors who graciously gave me their time and expertise. They have provided me with the valuable guidance, sustained efforts and friendly approach. It would have been difficult to achieve the results in such a short span of time without their help. I deem it my duty to record my gratitude towards the External project supervisor Veenu Dua and Internal project supervisor Mahtab Alam who devoted his/her precious time to interact, guide and gave me the right approach to accomplish the task and also helped me to enhance my knowledge and understanding of the project.
Mayank Mahajan 00120601709 BBA GEN Ist shift
This is to certify that I have completed the Summer Training Project titled ”Comparative study on HDFC Standard Life insurance and MetLife India insurance” under the guidance of “Mr. Mahtab Alam” in partial fulfillment of the requirement for the award of degree of Bachelor of Business Administration (BBA) at Trinity Institute Of professional Studies, Delhi. This is an original piece of work & I have not submitted it earlier elsewhere.
MAYANK MAHAJAN Name of the Student
India has made tremendous progress in the field of Insurance over the last few years. Providing Insurance to the common man, however, has remained a highly debated issue; and there are several millions of people who remain out of access to even the basic amenities as regards personal care and hygiene. One of the reasons assigned for such an
unfortunate situation is the vast geographical spread of the population that remains out of reach for insurance facilities. For an economy that is growing at a faster rate than most developed nations, there is an urgent need for overcoming such irritants. Another oftquoted reason for such a situation is the poverty that is the bane of several of these masses. The total percentage of the Indian population that is covered under the umbrella of any form of insurance protection is pathetically low. Unfortunately, insurance as a viable alternative has not been able to make giant strides of progress, although it has been growing, of late. A strong factor for the poor performance of insurance historically has been the moral hazard associated with it. Having paid the premium for a certain period, the policyholder imagines an inherent right in the enforcement of a claim. There is need for all the stakeholders to make the insured understand the basic elements of the insurance coverage. Some areas that insurers on their part may work on are widening the coverage of the policies – perhaps encouraging preventive care among the insured, for one. The per capita total expenditure on insurance in India is US$ 23, of which the per capita Government expenditure on health insurance is US$ 4. Hence, it is seen that the total insurance expenditure is around 5% of GDP with breakdown of public expenditure (0.9%); private expenditure (4.0%). The private expenditure can be further classified as out-of-pocket (OOP) expenditure (3.6%) and employees/community financing (0.4%). It is thus evident that public insurance investment has been comparatively low. In fact as a percentage of GDP it has declined from 1.3% in 1990 to 0.9% as at present. Furthermore, the central budgetary allocation for insurance (as a percentage of the total Central budget) has been stagnant at 1.3% while in the states it has declined from 7.0% to 5.5%. (VI)
TABLE OF CONTENT
Particulars (a) (b) (c) (d) Title Page Certificate of the company Certificate of the college Acknowledgement Page no. I II III IV
(e) (f) (g) (h) (i) (j) (k) (l) (m) (n) (o) Declaration Executive Summary Chapter 1 (Profile of the Company) • Profile of the company • Nature of the organization • Company’s vision and mission • Product range of the company • Size of the organization • Organization structure of the company • Market share and position of the company • Present leadership Chapter 2 (Objectives and The Research Methodology) • Research objectives of the study • Research design • Research methodology of the study • Data collection • Limitations(problem in data collection) Chapter 3 (Swot Analysis of the Company) • Strengths and weaknesses • Opportunities and threats • Competitive edge of the company Chapter 4 (Findings and Analysis) • Analysis • Findings • Analysis of the problem under study • Interpretation of the result Suggestions/Recommendations Conclusion Limitations Bibliography Annexure (VII) V VI (1-17) 2 3 6 7 14 15 16 17 (18-24) 19 19 20 21 24 (25-28) 26 27 28 (29-48) 30 41 42 43 (49) (51) (52) .
Sector 53. Profile of the Company/Firm Name. 0124-456773422 Fax: 01242572748 Pin: 122002 . phone:0124-4179000. 5th floor Orchid Centre Golf Course Road.MetLife India Insurance Company Ltd. Gurgaon. Address• Registered Office Address: Metlife India Insurance Company Ltd.CHAPTER-1 PROFILE OF THE COMPANY 1.
Flat no.• Branch Address(where training is done): MetLife India Insurance Company Ltd. Ashirwad Chowk.305 & 306 3rd Floor. Nature of the organization .3 Sec-5 Dwarka. Delhi.in Email.Multinational Company Branches of the Company(India) • • • • • • • • Andhra Pradesh Arunachal Pradesh Jammu and Kashmir Bihar Chandigarh Chhattisgarh Delhi Goa Haryana Himachal Pradesh Tamilnadu Jharkhand Karnataka Kerala Madhya Pradesh Maharashtra (2) (Foreign) • • • • • America (main branch) Argentina Australia Brazil China Egypt Hong Kong Italy Japan Kuwait Korea France Spain United kingdom Portugal Russia Pakistan Puducherry Rajasthan West Bengal Tripura Uttrakhand Gujarat Orissa firstname.lastname@example.org. Aggarwal Mall Plot no.metlife.co. 01164736191 pin:110075 Website.in Type of Company. phone:01164736190.
metlife. Private Limited and other private investors.Introduction of the organization-MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife. and large institutions.072 5 (J&K Bank/Axis Bank/Dhanalakshmi . MetLife is the largest life insurer in the United States. Inc.. Pallonji and Co. MetLife serves 90 of the largest Fortune 100 companies. A leader in savings and retirement products and services for individuals. MetLife is insuring the lives of the people for around 140 years.co. Inc. India www.3 trillion of life insurance in force. Inc. M. and was incorporated as a joint venture between MetLife International Holdings. (3) METLIFE INDIA Founded Started Operation Headquarters World Wide Web Address Managing Director Employees Financial Advisors Bancassurance Tie-Ups FACT SHEET 2001 FY 2001-02 Bangalore. small business.in Rajesh Relan 7688 56. Today. The Jammu and Kashmir Bank. MetLife is helping millions of its customers in creating their own personal safety net by taking insurance plans. The firm was founded on March 24. 1868. is the holding corporation for the Metropolitan Life Insurance Company or MetLife for short. when people are feeling a greater financial burden than ever before. with more than $3. It is a private limited insurance company reaches more than 90 million customers around the world it is the capitalized private sector multinational company MetLife.
The company also invested $1 billion in the U. a retired physician from Brooklyn.000 to found the National Union Life and Limb Insurance Company . when a group of New York City businessmen raised $100. On 25 march 1868.In 2001. immediately after the September 11th terrorist attacks. president and chief executive officer of MetLife in 2006. MetLife announced . Dr. 2011. the National Union Life and Limb Insurance Company began business in July 1864 insuring Civil War sailors and soldiers against wartime-related disabilities. MetLife acquired Travelers Life & Annuity and substantially all of Citigroup’s international insurance businesses for $12 billion. MetLife was the first insurance company to establish a financial holding company with a nationally chartered bank through its purchase of Grand Bank.Bank/Karnataka Bank/Barclays) Number Of Products Presence Through MetLife Offices Presence Through Bank Partners Over 28 products 192 offices in 131 cities 1910 offices in 686 cities History. National Union had written only 17 life and 56 accident policies.S. Current MetLife chairman C. from American International Group (AIG). (4) Current Era.The origins of Metropolitan Life Insurance Company (MetLife) go back to 1863. And so began Metropolitan Life Insurance Company. stock market during 2001.2 billion acquisition of Alico expanded the company’s life insurance and employee benefits business into more than 60 countries compared to 17 countries before the acquisition. Dow. The $16.4000. On March 21. In 1863 President James R. (a medical doctor) and the board of directors decided to drop the casualty business and focus solely on life insurance business. the first policy carrying the name of the Metropolitan Life Insurance Company was issued . and was in last place among the 27 life companies operating in New York State and was running a deficit of $1. By the end of 1864. James R. Robert (Rob) Henrickson was appointed chairman of the board of directors. which was renamed MetLife Bank. MetLife completed its purchase of American Life Insurance Company (Alico). In 2010. New.Organized by a group of New York City businessmen in 1863. Dow. was named Metropolitan Life’s first President.
individual. annuities and p r o g r a m s . the framework for all your strategic planning. small businesses and large institutions. Business Sector. T h e M e t L i f e o r g a n i z a t i o n i s a l e a d i n g employee benefit provider of insurance. The company conducts its business operations through five segments namely. “Where do we want to go?” MetLife Vision-“to build financial freedom for everyone-guides the company’s to people’s growing needs for first rate financial products and services through various life stages and economic cycles. institutional. who had headed MetLife's investment department would succeed Robert Henrickson as President and CEO as of May 1.that Steven Kandarian. the vision statement answers the question. international.Metlife is a fast upcoming professional insurance company in India. MetLife is a leader in savings and retirement products and services for individuals. Whether for all or part of an organization. Company’s Vision and Mission Vision Meaning: A vision statement is sometimes called a picture of your company in the future but it’s so much more than that. A vision statement may apply to an entire company or to a single division of that company. It is operating in the insurance sector. Your vision statement is your inspiration. MetLife is operating in the area of insurance. (5) 3. as well as the corporate. 2011.” . auto and home. MetLife is one of the fastest growing life insurance companies. MetLife India has developed and distributes a range of life insurance products in India.
Product range of the company MetLife deals in the life insurance products. MetLife Mission-“Our company’s purpose is to simplify and aid the decision-making process for our customers in buying a financial product. met suraksha trop. "Why do we exist?" The mission statement articulates the company's purpose both for those in the organization and for the public. A mission statement answers the question. Product range of MetLife is:Life Insurance Products Traditional Products Term plan Endowment plan Money back plan Child money back plan Pension plan Term plan-This is a plan to cover the risk of early death.” (6) 4.Mission Meaning: A mission statement is a brief description of a company's fundamental purpose. Every business should have a mission statement. both as a way of ensuring that everyone in the organization is "on the same page" and to serve as a baseline for effective business planning. We will make information available to the customer in the simplest and easily comprehendible way so that customers can make an informed choice best suited for their individual needs. Met suraksha. met suraksha plus etc are the terms plans of MetLife .
To put it simply. it is a life insurance plan that gives you complete protection to enjoy life to the fullest. should anything unfortunate happen. Regular Pay *Met Suraksha Trop. Minimum Entry Age Maximum Entry Age Maximum Maturity Age Policy Term 18 years 60 years 70 years 10-35 years . at a nominal cost. a non participating term assurance plan which provides you life cover at a nominal cost. it is a life insurance plan that gives you complete protection to enjoy life to the fullest. To put it simply.It is a plan with Return of Premium (TROP). Limited Pay(3 years) Suraksha Plus-MetLife offers ‘Met Suraksha Plus’.Term Assurance (TA) a non participating term assurance plan which provides you life cover.It is a non participating term assurance plan which provides you life cover at a nominal cost. Minimum Entry Age Maximum Entry Age Maximum Maturity Age Premium Paying Terms 18 years 60 years 65 years Single Pay. Limited Pay (3 years).*Met suraksha. Minimum Entry Age Maximum Entry Age Maximum Maturity Age Policy Term Premium Paying Terms *Met 18 years 50 years 65 years 15 & 20 years Single Pay. It is designed for people who want to take care of their financial commitments.
Minimum Entry Age Term Premium Paying Terms Par: 15 years .Endowment plan -This is a plan to provides savings and security. All you need to do is fill in a simple application form and you are ensured a guaranteed maturity amount of Rs 1. met suvidha.30 years Single Pay.50 years 60 years 5 years / 10 years Regular Pay Annual. leaving money for a dependant spouse and.participating endowment plan. Met 100 is available in 2 versions.00. it helps you save for your specific long term financial objectives. provides insurance cover at affordable rates. met 100 etc are the endowment plans of MetLife. Minimum Entry Age Maximum Maturity Age Term Premium Paying Terms Premium Paying Modes 15 years .000. met saral. Semi-Annual *Met 100.30 years Non-Par: 5 years . In addition to providing you protection till the maturity of the plan.70 years Par: . Limited Pay (5 or 10) & Regular Pay *Met Saral. (8) *Met Suvidha-Met Suvidha is a Flexible Endowment Plan that combines savings and security. 20 or 25 years.MetLife presents Met 100 – a whole life policy where you pay premiums for 15. PAR NON PAR .60 years Non-Par: 15 years .MetLife presents Met Saral – a non. more importantly. even in the case of your death during the term.15 years . It helps create a legacy for the children. It’s a simple savings plan which gets you into the savings habit without any medical tests.
15 & 20 years and guaranteed additions of 10% of the Sum Assured for the entire term. you get 110% or 125% of the premium. 75.a single premium.MetLife offers 'Met Vishwas'. For ex met sukh. .a guaranteed Money-Back Policy which provides guaranteed periodic survival benefits at the end of 5. nonparticipating term assurance plan which provides you life cover at a nominal cost. On survival. met vishwas are money back plans of MetLife. Entry Age Coverage Term Premium Payment Term Minimum Sum Assured Maximum Sum Assured Min-15years Max-55 years 20 years Regular Rs. 20.000 No Limit *Met Vishwas. Minimum Entry Age Maximum Entry Age Maximum Maturity Age Policy Term Premium Paying Terms 18 years 60 years 70 years 5 or 10 years Single Pay . 25 yrs (9) 0 yrs 70 yrs 15. but also guarantees you cash payments at various milestones along with guaranteed growth of your savings. micro insurance. 10.In Money Back Plans. 25 yrs Money back plan. the money comes back to the Life Insured after a specific interval of time as Survival Benefit.Minimum Entry Age Maximum Entry Age Premium Paying Terms 15 yrs 70 yrs 15. *Met Sukh. 20. It not only covers your life.
Option A Minimum Entry Age of the 0 years Child Maximum Entry Age of the 8 years Child Minimum Entry Age of the 20 years parent Maximum Entry Age of the Parent Policy Term Option B 0 years 12 years 20 years 50 years 50 years 21 years . are some the child money back plans. met bhavishya. Your child's well-being is your highest priority.Age at Entry Entry (11) *Met Junior Money back. So we offer you a . *Met Bhavishya.Age at 25 years .MetLife offers 'Met Bhavishya' – a guaranteed money back plan that pays out funds to help you meet the education and career milestones of your children. With this plan.'Met Junior Money Back – a money back plan that combines savings and security.Child money back plans -These are back plan that pays out funds to help you meet the education and career milestones of the child. moneyback. periodic additions & terminal additions are payable based on the option that you select. There are two options to choose from and fixed term benefits. met junior met magic plus. the Life Insured is that of the parent.
Met Magic plus provides the benefit of insurance protection to your family. 10 & 15 years. 20 Years & 25 Years (12) Pension plan. .money back plan which provides guaranteed periodic survival benefits at the end of 5. met easy super. particularly your child. even when you are not around. 70years. A plan which offers both timely and efficient "return on investment" with payouts at different milestones.Met Magic Plus is a Unit Linked Non-Medical Regular premium Life Insurance Plan. Par Minimum Entry Age of the Child Maximum Entry Age of the Child Coverage Terms Premium Payment Terms 0 years 14 years 20 years 20 years Non Par 0 years 14 years 20 years 20 years *Metmagic Plus. Some of the pension plans of MetLife are Met smart one.A pension plan is a plan in which an employee transfers part of his or her current income stream toward retirement income which he gets in the future . it secure your child’s future. met pension par etc. 15 Years. Minimum Entry Age Maximum Entry Age Maturity Age of Life Insured Minimum Policy Term 18years. 10 Years. 55years. along with guaranteed growth of your savings.
Hence we bring you Met Easy Super – an Easy Protection.*Met smart one-met smart one . It helps you build up a fund for your golden years. which is investment cum protection single premium plan which along with its various investment management options facilitates accelerated wealth creation with Loyalty additions. Super wealth creation plan. for Regular Pay . Minimum Age at Entry(LBD) 0 years (3 months) Maximum Age at Entry(LBD) 65 years Minimum/Maximum Age at Maturity 18/75 years Policy Term 10-20 years *Met Easy Super. With this plan. 4000 p. Entry Age Minimum Term Minimum Annual Min– 18 years Max – 60 years 10 years Rs.a. you can ensure you enjoy retirement as a happy new chapter. Minimum Age at 18 years entry* Maximum Age at 60 years for 15 policy term & 55 years entry* for 20 year policy term Premium Payment Entire term of the policy term (years) Policy Term 15 years and 20 years Premium Payment Annual modes (13) *Met Pension Par-Met Pension (Par) serves as a friendly helping hand so you can stay financially independent even after retirement.Security for your family and your need of wealth creation should work together as you move ahead in life.
615. Limited Pay (3 or 5 Pay) & Regular Pay 5.072 are its financial advisors.13 crores. posts Rs 35 crores profit in the financial year 2010-2011 (14) 6.premium Premium Payment Term Single Pay. Organization structure of the company Chairman President CEO . Size (in terms of manpower and turnover) of the organization Manpower-at the year ending 2010-2011 total manpower(employees) of MetLife is 63. Turnover-total turnover of MetLife India till 2010-2011 is 15550 crores. MetLife India breaks even. During the fiscal (2010-11) MetLife had a total revenue of Rs 2.760 in number of which approx 56.
This metric is used to give a general idea of the size of a company to its market and its competitors. Market share is calculated by taking the company's sales over the period and dividing it by the total sales of the industry over the same period.M.D of Italy M.D of Australia HR Manager Zonal Zonal operation manager Zonal business head Zonal research manager Zonal territory manager Training Manager Regional Administration training Manager manager (15) Financial Advisor Master trainer 7. Market share & position of the company in the industry Market Share definition.D of France M.D of India M.D of England M.The percentage of an industry or market's total sales that is earned by a particular company over a specified time period. Market Share of MetLife:- .
with a presence in over 690 locations and a market share of 3%.3% 15. Om Kotak 1% 11. MetLife 3% 9.1% 10.1% 8. Shriram Life 0. today crossed the one million mark in policies issued. is today one of the fastest growing life insurance companies in the country. Birla Sun life 3. taking the total number of lives insured to two million (including the group business). LIC 74% 2. (16) Here is the market share of various Life Insurance Companies in India at the end of FY 2010.5% 13.3% 5.3% 14.The company. Bajaj Allianz 5% 4. Bharti Axa Life 0. Tata AIG 0. SBI Life 3.2% .7% 12. 1. which started its operations in India in the year 2002. ING Vysya 0. one of India’s fastest growing life insurance companies. HDFC Standard 3.1% 7. Reliance Life 3. Max New York 1. AVIVA 0.2% 6. ICICI Prudential 8% 3.MetLife India Insurance Company Limited (MetLife). It is present at the 8 position in the insurance market of India.
trainees feel engaged in the process and felt very motivated and creative.Present Leadership I have done my Summer training under the guidance of Mrs. She offered guidance to trainees. Some of the skills are as followed: Skills of Mentor1) communication skills 2) human skills 3) speaking skills 4) decision making skills 5) problem solving skills 6) informational skills (17) . I got the real exposure of corporate world during summer training. which is generally the most effective leadership style. VEENU DUA at Dwarka Branch New Delhi. She encouraged trainees to participate in the training process. My mentor was full of skill which made inspire all the trainees. she also participate in the training program and allow input from all the trainees. I was blessed with the great mentor who develop my skills and enhanced my knowledge.8. My working tenure was full of learning and development. Mrs Veenu Dua has given us training in the democratic style.
Research Objectives of the study Objectives of Research Study: • • • To know the most preferred policy.CHAPTER-2 OBJECTIVE AND RESEARCH METHODOLOGY 1. To Assess the opportunity and Risks involve in insurance sector. To determine customers perception towards private insurance companies and their expectation from private insurance companies. To study the Growth in private insurance sector in India. .
what data to collect. making deduction & reaching conclusion . and how to analyze the results. formulating hypothesis or suggested solution . and flexible design need not be qualitative. Every design has its positive and negative sides. Research design Research designs are concerned with turning the research question into a testing project. Research design can be divided into fixed and flexible research designs. dealing with at least four problems: what questions to study.organizing & evaluating data. with specific components such as phases. The various tools likely to be used to research are internet search. Research comprises defining & redefining problems. The best design depends on your research questions. However. The research design has been considered as a "blueprint" for research. tasks. To study the fundamental of Life Insurance Industry. 2. (19) 3. Comparison between HDFC and Met life Insurance according to their product Portfolio. newspaper and general guidance from the external guide.collecting . Research Methodology of the study Research Methodology is generally a guideline for solving a problem. fixed designs need not be quantitative.• • • To study the Regulatory Framework for insurance sector. techniques and tools. methods. what data are relevant. Some economists have referred to this distinction with ‘quantitative research designs’ and ‘qualitative research designs’.
In the context of science. data collection and selection of subjects. the method of analysis of data. Data Collection Meaning. Data is "bits" of information obtained from observation. It has many dimensions and research methods constitute a part of research methodology.Data are pieces of information that represent the qualitative or quantitative attributes of a variable or set of variables. It involves data collection techniques. pie charts for drawing . bars. questionnaire has given a significant insight into the given situation. management and more formal approaches through in-depth interviews. So data collection means collecting information during an experiment of a particular characters or trait. The sources of information are both primary & secondary.& at least carefully testing the conclusion to determine whether they fit the formulating hypothesis. such as qualitative approaches: informal discussions with employees. Research methodology is a way to systematically solve the research problem. A well-structured questionnaire was prepared and personal interviews were conducted to collect the customer’s perception and buying behavior. it is usually physical traits observed during an experiment. It may be understood as a science of studying how research is done scientifically. their interpretation and final summarization. The research is primarily exploratory in nature. The data collected was represented in the form of tables. The reliance of exploratory research on secondary research. (20) 4. Research methodology is a systematically solve the research problem. Exploratory Research The explorative research has helped to determine the best research design. through this questionnaire.
Inferences. Quantitative techniques like averages.Primary data is data that has not been previously published. i. considerable amount of time was spent in explaining the purpose and the exact nature of the data required from the questionnaires filled. in marketing. Primary data. in some cases questions had to be explained to the respondents.Secondary data is the data that have been already collected by and readily available from other sources. the data is derived from a new or original research study and collected at the source. observation or experimentation. two-way tables. These ratings were tabulated and then represented by means of line diagrams. Method of Data collection . The level of preference. Secondary data. e. percentages. Moreover. • • Primary Source: Through Questionnaire. Sources of Data Collection: There are two sources of data:1. for some questionnaires had to be filled in as they were not so well read and literate. In order to make the comparative study possible. Such data are cheaper and more quickly obtainable than the primary data and also may be available when primary data cannot be obtained at all. perception of the customers about the product and company were identified by means of questions in the questionnaire.g.e internet.e. were applied as required. In addition to this. (21) 2.. During the process of data collection. collecting data from the insurance company to know about the sales of insurance Secondary source: Various insurance journal and government Journal like IRDA also through various insurance related website i. For the representation of data various charts tables pie charts and graphs have been used as per requirement. it is information that is obtained directly from first-hand sources by means of surveys. parameters were chosen and questions were designed eliciting ratings from the respondents.
Gender-both males and females were approached for the data/information. Sampling Unit: . a rough draft was prepared keeping in mind the objective of the research. 30 were males and rest 20 were females. The final Questionnaire was arrived only after certain important changes were done. In finite universe the no. A pilot study was done in order to know the accuracy of the Questionnaire. Out of 50. 30 were aged between 30 to 40. of item means the person who lived in local area of DELHI. Universe can be either be finite or infinite. Total number of persons approached for collecting data/information was 50.Census servey Sample survey Sample method Types of sampling Probability Random sampling non probability Random Sampling Technique Initially. Age-out of 50. (22) Universe: The first step in developing any sample design is to clearly define the set of the objects technically called the universe to the studied. 15 were between 50 to 60 and rest were above 60. Thus my sampling came out to be judgmental and convenient.
Depth interviewing (23) 5. ➢ No wide coverage. Limitation (problems in data collection) ➢ Psychological Constraints. Sample size: The sample size was restricted to only 50. Employees and Self Employed etc. India. hence they made it a point to finish off answering the questionnaire as soon as possible.The respondents who were asked to fill out questionnaires are the sampling units. ➢ Constraints regarding confidential Issues. These comprise of employees of MNCs. Govt.Most of the persons who were interviewed felt disturbed while responding to questions during their work hours. Sampling Area: The area of the research was Delhi.Most of the interviewed persons were reluctant to give information.The Life Insurance Industry covers very vast area so it may be possible that some of that area might be not cover in this report. Research Instrument Structured Closed Ended and Open Ended Questionnaire. .
There was a time constraint in the study. This situation has created a scenario in which to recruit Life insurance Advisors and to sell life Insurance Policy has became very difficult. analysis on one day or in one segment can change very quickly.➢ Increased competition . (24) .Today the competition in the Insurance sector has became very stiff. Daily changes in the Industry. The environmental changes are vital to be considered in order to assimilate the findings. ➢ ➢ Time constraint. Currently there are 14 Life Insurance companies working in India.In a rapidly changing industry. Today each and every company is trying to increase their Insurance Advisors so that they can increase their reach in the market.
. *Has tie up with banks like Axis . *Paid-up capital of RS 1500 crores as on 2010 which shows company dependability. Business Experience and Innovative products. *Large number of young workforce. *Brand Image . J&K . Strengths & the Weaknesses of the Firm/Company Strengths: *With over 139 years of experience MetLife have approximately US $ 3. Service quality which is the crux of their mission..3 trillion of life insurance in force. Barclays . *Very less charges on ULIP plans as compared to other insurance players .CHAPTER-3 SWOT ANALYSIS OF THE COMPANY 1. Karnataka Bank and Dhanalakshmi bank.
*Sustainable to risk associated with investments in money market. . *Per Capita life insurance premium in India in 2004 was $16 as compared to the world average of $ 292. and Non-Life insurance. *Nearly 70% of the Indian population is without Life . *Not focusing on consumer awareness mainly concentrating on personal selling. of customer. *Health insurance and pension schemes. *More focusing in urban areas not touching rural area which has a very good potential market for insurance sector. Health . Opportunities & Threats that the Company faces Opportunities: *Huge market is literally untapped. *Lacking in advertisement due to which they are not able to cover a large area or large no. an estimated market potential of approximately $ 15 billion. *Very less network branches due to which its difficult for customer to make payment easily.Weaknesses: *Many competitors in the market of same products by the title and difference in premium and offerings. *Strong economic growth with increase in affluence and rising risk awareness leading to rapid growth in the Insurance sector. (26) 2. Out of estimated 320 million insurable markets only 20% of the population is insured.
Competitive edge of the company Why choose MetLife?? Customer requirements and comfort are always our priority.Threats: *Players like Bajaj and Birla sun life offer same plans with low premiums. Our financial strength and experience allow us to offer several life insurance options to better fit your company’s specific needs. *LIC has woken up from sleep and is following competitive strategies. MetLife is the leading provider of Group Life Insurance serving over 28. Bharti axa insurance and more) *Current govt. For over 140 years. If the tax liability of the service class rises. policies do not encourage gross domestic savings. For some. this makes the MetLife companies truly formidable players in the Life Insurance industry. we've been helping people build financial freedom. the customer will have little money to invest. covering more than 29 million participants – including many of the top one hundred FORTUNE 500® companies. *Entry of many other private companies with equally strong experience and financial strength of foreign partners making the competition difficult and saturating the urban markets (example Idbi Fortis insurance . (27) 3. compassion and sensitivity. Its huge surplus in life fund gives a capability to lodge price war. Combined with our innovation. this means protection for their families. it means wealth optimization or preservation.000 group life customers. The MetLife companies are one of the world's largest and most respected financial services organizations. That is why our interactions are distinguished by our expertise. . For others.
Customers and Associates paramount.*We lead through Innovation to offer world class and competitive products to our customers. *We are committed to creating a High Performance Organization by creating an environment that allows each one of our Associates to perform at their peak. *We build Long Term Relationships with our customers by creating a world class service experience through operational excellence and the innovative use of technology. *We create a Customer Centered and Result Focused Vision that inspires each one of our Associates and has their buy-in. *We are committed to Partnering with our internal and external Customers for mutual success. (28) . *We work with Integrity. Fairness and Financial Prudence in all our dealings keeping the interests of our Shareholders. As a result we will also be recognized as an Employer of Choice.
4 FINDINGS & ANALYSIS ANALYSIS HDFC STANDARD LIFE Profile Housing Development Parekh.CHAPTER . HDFC's distribution network spans 283 outlets that include 66 offices of HDFC's distribution . founded on 1977 by Hasmukhbhai an Indian NBFC. Finance is Corporation Limited or HDFC. focusing home mortgages.
HDFC Standard Life Insurance Company Limited is one of the first companies to be licensed by IRDA to operate in the Insurance sector. Home loans are also sourced through HDFC Sales. HDFC covers over 90 locations through its outreach programmes. In addition. It is one of the most trusted companies. HDFC's marketing efforts continue to be concentrated on developing a stronger distribution network. offering value services to its customers. a joint venture between HDFC and Standard Life Assurance Company. has identified the rural market as an important thrust area for its future growth. individuals as well as to companies looking to provide benefits to their employees. offer a bouquet of insurance solutions to meet every need. The company. HDFC holds 81. The Standard Life Assurance Company was established in 1825 and was reincorporated as a mutual assurance company in 1925. The company came into existence on 14th August 2000.6% stake is with Standard Life.4% share in HDFC and the remaining 18. HDFC Bank Limited and other third party Direct Selling Agents (DSA). HDFC Standard Life Insurance. It cater to both.company and HDFC Sales Private Limited. The company aims to provide: Innovative products to cater to different needs of different customers Customer service of the highest order Use of technology to improve service standards Value for money for customers Increasing market share (30) The values ingrained in the company are to provide financial security to policyholders. Product Portfolio At HDFC Standard Life. Standard life is a Canadian company. maintain trust and keep innovating to establish it as a unique player. It integrates the strong expertise and stability of Standard Life and HDFC. it is easily accessible and approachable. ➢ ➢ Term Product Endowment Product . Europe’s largest mutual life company. ranked number 5 among the private players in the insurance sector .
00.000 METLIFE PLAN IS BETTER THEN THE HDFC PLAN HDFC STANDARD LIFE ENDOWMENT 70 YEARS PLAN 50.➢ ➢ ➢ Money back Product Child Money Back Product Pension Product (31) COMPARISON BETWEEN HDFC STANDARD LIFE AND METLIFE INSURANCE PRODUCTS INSTITUTION NAME PLAN NAME MAX TERM MAX SUM ASSURRED WHICH ONE IS BETTER METLIFE TERM PLAN 60 YEARS NO BAR BOTH PLANS ARE HDFC STANDARD LIFE METLIFE TERM PLAN 60 YEARS NO BAR BETTER ENDOWMENT 70 YEARS PLAN 60.00.000 .
A conscious effort was made to bring about a transformation in the corporate image. The corporation has emerged with a much younger and sleeker image. . The corporation advertising campaigns assisted the marketing strategies. the corporation has undergone a transformation. the consumer relations activities of METLIFE concentrate on the customer public and building relations with prospective customer.METLIFE MONEY BACK PLAN 70 YEARS NO BAR METLIFE PLAN IS BETTER THEN THE HDFC PLAN HDFC STANDARD LIFE METLIFE MONEY BACK PLAN CHILD PLAN 60 YEARS NO BAR 50 YEARS NO BAR HDFC PLAN IS BETTER THEN THE METLIFE PLAN HDFC STANDARD LIFE METLIFE CHILD PLAN 60 YEARS NO BAR PENSION PLAN 60 YEARS NO BAR BOTH ARE BETTER HDFC STANDARD LIFE PENSION PLAN 60 YEARS NO BAR (32) Marketing strategies of METLIFE In consonance with the changes taking place in the insurance market. Hence. Through various campaigns. Systematic and focused PR initiatives and widespread publicity have resulted in markedly improved visibility. simultaneously requiring a revamp in its image. PR Activities for Consumer Relations: The business of insurance is purely service which cannot be seen or held. the corporation tried to depict the organization as one oriented towards the younger generation.
EmployeeConsumer Communication: The harmonious relationship that METLIFE has. interact with them and keep them satisfied. Trans-slides: The Corporation has placed trans-slides at strategic places. Printed Communication. Press Conferences: Press Conferences are organized to announce new appointments of top executives. through the years . The corporation tries to achieve its objective through a number of meansOral Communication: Oral communication with the consumer public is the most effective means of presenting facts and creating understanding of the organization’s policies and practices. etc. built and maintained with its customers has only been possible due to its dedicated and committed team of Development Officers and scores of Insurance Agents throughout the country. like Railway Stations and Airports. introduction of new schemes. Audio-Visual Communication (33) Television and Radio broadcasts are a basic medium of consumer communication Television and Radio advertising The corporation’s advertisements reached nearly 25 crore people through over 50 campaigns. These generally comprise of any subject or issue concerning the . Press Release : Press releases are frequently handed out to the media by the local PR department on behalf of the company. There were 79 hours of TV advertising and 408 hours of Radio advertising.The corporation has time and again made endeavors to reach out to the consumers. At METLIFE printed communications are used in conjunction n with oral communication media. for maximum exposure to public at large.
company. Brochures and Pamphlets are generally taken out to inform its internal and external public about its various new schemes and act as an effective medium of print communication. services. Posters and Hoardings: These tools are not only an advertising medium but also a very effective PR tool. It also aims at attracting new investors. bus shelters. Financial Results: The annual financial report of the corporation is published in the National dailies and is also circulated amongst the shareholders to keep them informed. (34) Booklets. Brochures and Pamphlets: Booklets. Journals and Publications: The corporation takes out its annual working results and several other publications from time to time to keep the public abreast of the happenings and achievements at METLIFE. railway stations. Posters and hoardings are widely placed throughout the city at busy intersections like subways.metlife.co. subsidiaries and addresses of branches and about premium payment . containing information for policy holders or any item of news value to the media and its readers. METLIFE uses posters and hoardings to get quick public notice. Other Amenities Provided by METLIFE Website: The Corporation’s website www. etc. roadsides.in gives information about the corporation’s products.
The Annual General Meeting. It also provides Press releases.through the internet. Numerous publicity projects with a social purpose are undertaken at the zonal level. Customer Contact Programme: The purpose of such a campaign is ‘to strengthen the relationship with the customers and to build bridges of understanding ’ FINANCIAL RELATIONS (35) There are quite a few financial publics of METLIFE. Community Relations: METLIFE regularly provides ‘Health vans’ to various organizations across the country. IRDA (Insurance Regulatory and Development Authority) Auditors To communicate with them and to keep them informed of the company’s progress several activities are undertaken by the PR Department. 1) 2) 3) 4) Government Agencies Banks and Financial Institutions Statutory Bodies e. J&K Bank.com. DHANALAKSHMI Bank. This provides information about the Products. Recently the . News sections.com to offer the online premium payment facility to its customers in select cities. The annual report is released annually to inform all publics of the company’s working results. and service providers like Bill Junction. Online policy status Online Premium Payment. The Annual Report. timesofmoney. METLIFE has tied up with KARNATAKA Bank. services and policy status reports to the customers. The corporation also sponsors many sports events at the national level.g. Information Kiosks: The corporation has installed online information kiosks at prominent places across the country.
almost everyone. range between 0. Middle-aged professionals. including the company's board. as a percentage of new business premium. When HDFC STANDARD Life Insurance first began operations. But HDFC discarded this “fear" typically used for hawking insurance. To this effect the core brand insight highlighted was "As head of the family it's my responsibility to take care of my loved ones and protect them from the uncertainties of life". choosing instead a "happy" platform to convey a more positive message. the task was to present the visiting card of the company to the public at large and build credibility and stature and to give the consumer the confidence that 'here was a company that could be trusted to invest funds with'. Creative Strategy: The essence of the creative strategy: To get the consumer to re look at Insurance as a means to lead a worry free life and not as a necessary evil. which started with advertising to establish the brand. This required a corporate campaign.5 per cent and 0. pooh-poohed the idea.75 per cent. age group: 28 . summed up in .20.45 years. salaried and self employed. primarily male. household income: Rs. build awareness and give the brand a larger than life image. At that time people thought Company is wasting money. Even today after it has rolled out so many campaigns. Marketing Strategies of HDFC STANDARD LIFE Co. 000 and above. HDFC remains among the top advertisers: ad spends. (36) The Target audience: Representing an ideal mix of medium to high net worth individuals: The consumers most disposed towards buying life insurance. Ltd It was time when the marketing team was thinking about an advertising campaign.North Zone(Delhi) associated itself with the ‘Perfect Health Mela’ to propagate the cause of good health.
Indian. satisfaction of knowing that one’s loved ones are protected. HDFC was positioned as an enabler of protection relevant to the needs of the life stage that you are in. such as for HDFC STANDARD LIFE Smart Kid. particularly retirement solutions. The company launched a corporate television campaign – Saat Phere – which took the emotions and thoughts of initial Sindoor corporate film a few steps further. Over the last few months. Press: Gave the consumer a rational and tangible reason to buy insurance first and secondly from HDFC STANDARD LIFE.the advertising idea: ‘SAR UTHA KAR JIYO’. The Creative execution: Through television channels: Building image and creating a differential in the most creative and compelling manner. The product specific advertising focussed on . the next phase of communication was to give the consumer a rational and tangible reason to buy – first of all insurance and secondly from Life. The company has also undertaken press and internet campaigns to inform customers about benefits of some of its products. through the depiction of everyday situations. Symbolic representation of the protector of the family through situations showcasing various life stages and creating endearing imagery of protection and familial bonding. retirement solutions or Lifetime. HDFC STANDARD LIFE has been advertising in outdoor. (37) Once the corporate image and brand identity were established. The film highlights the strength of promises that a husband makes to his wife. The TV campaign has also been extended to outdoor. This was tackled through product-specific advertising. The creative execution heightened the emotional connect with the HDFC STANDARD LIFE brand. and as the company expanded and its product range grew. and then goes on to emphasize that HDFC STANDARD will stand by the husband to help him fulfill all these promises. through the ‘Chintamani campaign’. TV and press.
Hariyali Kisaan Bazaar can now distribute HDFC Standard’s protection.changing the prevalent perception about insurance and breaking a few myths: nonaffordability. PR of communications campaign in press & TV. Bangalore and Mangalore. website marketing. Coimbatore. who would answer consumer’s queries about the role of insurance in financial planning. and thereby have a higher impact. and database generation through Bancassurance channels. In addition to advertising. retirement solutions and health insurance products to customers across the its growing number of rural business hubs in the country. Aurangabad. HDFC STANDARD Life Insurance has also announced a strategic distribution tie-up with Hariyali Kisaan Bazaar.000 direct mailers were attached to the ‘dabbas’. Other initiatives included tie-up with the Dabbawalla Organization in Mumbai for a direct marketing exercise. After the hugely successful Chintamani (retirement) and Saat Phere (corporate) campaigns. such as: having a tax planner by the name of Chintamani on radio. (38) The direct mailer was about HDFC STANDARD LIFE retirement solutions and the tax benefits that one can avail of buy investing in any of these. Bandra and Andheri where there are mostly office-goers. as well as companies like BPCL and Dominos. wealth creation. to talk to the customer through a non-cluttered route. in areas such as Churchgate. “It includes seminars – HDFC STANDARD LIFE regularly holds consumer awareness meets on ‘the need for retirement planning’ in different cities such as Pune. the rural business arm of DCM Shriram Consolidated Ltd (DSCL). Apart from this. company also entered into alliances with telecom companies. About 100. insurance not being good investment option and the myth that insurance was good only for tax saving. These are very well attended and have contributed significantly towards increasing awareness about the category and the company. Nagpur. Other Communications: Other programs included direct mail. . As a partner. the company has also initiated several activities to raise consumer awareness about life insurance and HDFC STANDARD LIFE. HDFC Standard Life Insurance also introduced some innovations in the category.
With the geographical expansion. . The company commenced intense. systematic & well focused public relation and METLIFE upped its ad spend to tackle competition. METLIFE. TV became a viable medium and the corporate campaign for HDFC STANDARD LIFE was run on TV. METLIFE upped its ad spend to tackle competition and succeeded in forging way ahead. HDFC STANDARD LIFE has advertised on several channels from the Star TV bouquet.METLIFE VS HDFC STANDARD LIFE Comparison and AnalysisWith private players paying much attention to advertising and promotional activities. publicity activities both at the corporate and operational levels. was forced to make efforts to increase its visibility and enhance its brand image. too. which needs to impart information. as these are appropriate for rational type of messages. METLIFE has advertised in satellite channels as well as terrestrial channels. the HDFC STANDARD LIFE brand name and advertising had the highest recall amongst all private players. systematic and well-focused public relations and publicity activities both at the corporate and operational levels. and was only marginally behind METLIFE. Zee Network and Sony. The company have spent about Rs 50 million on TV advertising last year. HDFC STANDARD LIFE was awarded the INDY’s Award for Excellence in Mass Communication in the category of Most Creative Advertisement-Television. METLIFE has to reach out to non-resident India policy holders as well as its other corporate customers who are based abroad. was largely done through print and outdoor channels. because the medium lends itself well to an emotional type of films that strike a chord with the audience. HDFC STANDARD LIFE Insurance campaign was short-listed as one of the 12 most effective campaigns for the year 2001 in the EFFIE awards. Product advertising. Strategies Adopted By METLIFE METLIFE started intense . According to an ORG MARG study.
com.aponline. 3. HDFC STANDARD LIFE has also partnered with e-governance kiosks in Andhra Pradesh . The entrance of private players will increase the competition and it would be a tough task to secure a good position in market. 4. to enable consumers renew their policies in their kiosks. making group life a cornerstone to building financial freedom. 1.emitra. So it can . Its Pragati Ki Anokhi Paathsaala or PKAP. Since MetLife India Insurance is leading with several companies’ policies it should be easy for them to penetrate into the market and secure a good position if they pay greater attention to the service part provided to their customer and thereby forming a long and trusted relationship. As seen from the survey that at present 70% of the customer are having insurance policy out of which 87.com and Rajasthan . As the people think that insurance is a tool to protect their family & a tax saving device. (40) Findings Whereas MetLife vision is to help employers and employees select the right mix of life insurance and service features to fit their given situation. METLIFE has launched its SATELLITE SAMPARK offices. PKAP aims to bring out the inherent creative skills amongst children.5% of the customer are planning for new investments. 2. METLIFE has established state of art machinery. Strategies adopted by HDFC STANDARD LIFE • • • HDFC STANDARD LIFE launched the ‘TruLife Club’ for its high-value policyholders as part of its marketing strategy. They are aware of the fact & realizing its. importance. There is a large potential for insurance in India.
India also has the highest number of insurance policies in force in the world and the total investible funds with LIC alone are almost 8% of GDP. As 43% of the customers are even ready to go for insurance if a service provider away from their city is providing it. I tried and analyze the benefit that getting to the final customer covering under the Insurance and because various types of policies and instruments are coming up in the market to attract more customers. Most of the population of India is not insured. more than three-fourth of India's insurable population has no life insurance cover. The company should try to convince these customers and get them in its favor. Every futuristic individual would want himself to get insured. 6. Yet. Many people have a insurance policy it so that they are aware with it and think that it is so impartment the people. (41) ANALYSIS OF THE PROBLEM UNDER STUDY Insurance is estimated to be Rs. . Considering that only about 65 million out of 250 million people are covered by life insurance. the potential is quite evident. 5.be a good potential for the company and they should make an attempt to trap these customers. But in turn they should provide good products and services. hence there is a lot of scope in this sector and a number of companies are planning to enter the sector. 400 billion business in India and the gross premium collection is about 2% of GDP growing between 15% and 20% per annum.
(42) INTERPRETATION OF RESULT 1. Please mention the name of the insurance company through which maximum through you like to cover your life Category HDFC Standard life BIRLAS LIC TPA Others Met life ICICI Prudential No of Respondent 8 1 10 8 6 6 11 (43) .
e. (44) Recommendation for HDFC & Met life that that 60% people want more and more service from the insurance company and in coming days people want hazel free life if somebody tell him pay . Please mention the type of insurance policy you are covered under Individual Corporate 30 20 Here are one more clue that will reach HDFC & Met life plan to launch insurance HDFC & Met life services in India 60% people responded that they have individual insurance policy while 40% people still with corporate side.From here with this question we are trying to analyze that business opportunity of both the company i. Now for the third and fourth slot the big fight is between Met Life where this company takes a share of 8 people out of 50 and the HDFC standard life which is renowned brand due to its market has 6 people in favor of out of 50. 2. From our survey it is clearly mentioned that market leader insurance company is ICICI Prudential whereas 11 people out of 50 respondent having insurance from ICICI also LIC would be come in second place where as 10 respondent are taken insurance from the company of LIC. HDFC standard life and Met life in current scenario or market and what percentage of market they are covering right now.
Please mention the type of insurance you are covered under Category Accidental Health Life Any other No of Respondent 11 14 23 2 Here from our survey we got to know that more respondent are taken multiple or Life insurance for taking them insured 23 people out 50 are insured by the life insurance. 3. Is MetLife Insurance more affordable than the other Insurance available on your nearest telecom shops? Strongly Agree Agree Disagree Strongly Disagree Neutral 6 17 8 10 9 . (45) While 14 people are taken health insurance. For recommendation of HDFC & Met life they tap life insurance company easily because the life insured people take any policy for lifelong so the HDFC & Met life involved at least more than 20 yrs. and 11 are taken accidental insurance. in fact health service is more complicated one so HDFC & Met life help client to better customer service rather than its competitor if they will take service of HDFC & Met life 4. With the same product portfolio will increase the penetration of the insurance company.for that they are ready to pay reasonable amount for the better and effective service.
Recommendation for Met life would be target 28% people also to provide much more scheme and plan so they comes under the pie of affordable range. Insurances need to be affordable to the Delhi consumer. While 33% are only agree with this statement that HDFC has much affordable price of their respective Insurance.This question gives us insight of the affordability of the Insurance or service. most of who are on daily wages. Now we check what Delhi customer want from the company in terms of their Insurance prices. With low disposable incomes. 14% respondent said they have mixed view about the affordability these people are those who are richer in Delhi region. . Now moving ahead 28% respondent are still not agree or strongly disagree with this question they thought Met life Insurances are much costlier than the other mobile service provider companies Insurance. Out of 50 sample size we consider to choose first strongly agree respondent who believes that HDFC Insurance is affordable for him/her 25% respondent out of 50 says HDFC Insurance is affordable in comparative of other competitor.
(47) 5. Whereas HDFC has a 24 score out of 30 for their product portfolio It is evident that Met life has to improve lot on their product portfolio so that met life Insurance is having rises its lower number one due to its two main attributes it is not easy availability and cheap price. . The various ranks given by the customers about their perception about different players in the market: Attributes Brands ICICI HDFC Met life Others Cheap Easy Availability Quality Total 6 10 9 25 6 10 7 24 5 7 8 20 9 6 6 21 In the above table it is quite clear that ICICI is given the highest points in the product satisfaction and reliability on the parameters given above.
(48) SUGGESTIONS/RECOMMENDATION 1. the focus is on selling more products to existing customers to improve profitability. Strengthening the distribution network – MetLife India mainly operates in all the metros and in certain big cities. . Advertising and Publicity – These days everybody is going for things. 2. Today. as no retention strategy will entirely stem customer defection. which they play in the lives of the people. CRM with BI (Business Intelligence) tools can help insurance firms monitor the holistic 360degree view of their customer. CRM helps categorise and segment customers and align products that best suit them. In order to expand its position and to reach to its customers what MetLife needs is to set-up its branches in more cities and should also get into the rural areas where there is a huge untapped market. which they see on air. MetLife believes in strong ethics and believes that actions speak more than words and so want its work to prove for itself and so doesn’t believe in advertising and publicizing itself but in the Indian context it is a must for any company to publicize itself because it holds the best medium to reach to its customers and also to increase its customer base. Customer-focused strategies require CRM (customer relationship management) to help acquire customers thorough various touch points and translate operational data into actionable insights for proactively serving customers. customer acquisition is vital. Implementation of CRM – While the insurance sector is seeking to maintain a balance between acquiring customers and developing existing ones. As MetLife already has a wide global set up it can easily expand in India also in order to reach to the customers and be available at their door steps. it helps the public know about the existence of the products and the role. Advertising and Publicity hold a very strong role in any products life cycle.and up-sell products. 3. CRM has helped customers through effective event-based marketing and lead tracking to cross.
Such purchases and tie-ups would help it strengthen its roots and create its own niche in the Indian market. Insurance industry is a data-rich industry. for example. and thus. Strong tie-ups with well known and already established companies or banks – Tie- ups act as a backbone for any company as they too represent the main company as a whole. it announced its intention to purchase Citigroup's Travelers Life & Annuity and substantially all of Citigroup's international business for $11. MetLife being associated with banks such as Jammu & Kashmir bank.5 billion. property and casualty etc) insurers are looking for ways to offer highly targeted insurance products that are tailored to the individuals customers with the highest propensity to buy them.. it can get into the debt market by providing housing loans and various other vehicle loans as these are on a high these days. there is dire need to use the data for trend analysis and personalization. which in itself are not so common with the general mass. 5.e. Emphasis on use of Information Technology – In the insurance industry today. 6. makes it difficult for MetLife to get itself placed in the Indian market. There is a evolutionary change in the technology that has revolutionized the entire insurance sector. Dhanlakshmi bank & the Karnataka bank.(49) 4. there is a clear trend away from selling a broad range of products to a large volume of customers in a one –size-fits-all manners. life. (50) . MetLife only provides life insurance products. For overcoming the same MetLife can go for further mergers and acquisitions with strong banks which would help it grow. Product diversification – Instead of catering to only one kind of product MetLife can slowly diversify with the kind of products it deals with. Instead of focusing on their different products lines as silos (i.
it is one of the most profitable MNC in India. People in general have been impressed by the marketing and advertising campaigns of insurance companies. People are beginning to look beyond LIC for their insurance needs and are willing to trust private players with their hard earned money. Another heartening trend was in terms of people viewing insurance as a tax saving and investment instrument as much as a protective one. It is a multicultural organization providing good support of efficient Managers. (51) . But therein lies the opportunity for a relative player like MetLife India Insurance Co. radio and Television Ad campaigns over the years is beginning to have its impact now. Its market position is strong Shareholders return has grown by 7 times and more till date. A general impression that I gathered during Data collection was the immense awareness and knowledge among people about various companies and their insurance products. A high penetration of print. A very high number of respondents have opted for insurance for such purposes and it shows how insurance companies have been successful to attract public money in recent times.CONCLUSION The exhaustive research in the field of Life Insurance threw up some interesting trends which can be seen in the above analysis. LIC has never been known for prompt service or customer oriented. MetLife Insurance maintains the position of word leading Cash Management Provider. The brand of MetLife Insurance appeals to growing middle-income group. It has the support of an aggressive foreign bank at its back. Its improved product proposition attracts one and all. The general satisfaction levels among public with regards to policy and agents still requires improvement. Ltd.
The data collected are expressed with the help of Bar graphs and Pie-Charts which is difficult to understand.Lack of time is also a major limitation for the project. it was essential to interpret them to figure out the result. 5. The environmental changes are vital to be considered in order to assimilate the findings. 3. analysis on one day or in one segment can change very quickly. 6. 4.Projections regarding environmental and political basis can be change.Data Interpretation: After the data collection process.The research is confined to a certain parts of DELHI and does not necessarily shows a pattern applicable to all of Country.In my view .Some respondents were reluctant to divulge personal information which can affect the validity of all responses.Sample size was only restricted to 50. company should focus rather more on these issues to win the market: ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ Expansion of Customer base Improvement in Quality of the Services Increased Customer Satisfaction Consistent Business Growth Increase in Profitability Retaining The Customer Choose the best Financial Advisors Develop the Financial Advisor’s skills Give the opportunities them in the organization More Advertising LIMITATIONS 1.In a rapidly changing industry. 2. 7. .
2009." March 22 and April 7. Vaswati." No.com http://IRDA.com. 25. "India Insurers Seek Perfect Partners. July 16.co. "Insurance Sector: India. *Sigma. December 2009.in http://scribd. National Trade and Development Board. DC.(52) BIBLIOGRAPHY/REFERENCES *Business Today." Industry Sector Analysis. p.in . "Pension fund business in India. "The Monitory Group Study on Insurance I and II. p. March 5. Published by SwissRe. http://hdfcstandardlife.65. *Roy. Available at www.co. US Department of State. "World Insurance in 1999. *Kumari. 9/2000.swissre." National Underwriters.in http://metlifeindia. Samit. 2011. Washington. Abhijit. 2010. *Marketing Management II by Philip Kotler." The Hindu. 38-39. *Roy.
i. Do you have any insurance policy? a)Yes b)No 4. b) Intermediate d)other (please specify) ____________ ____________ ____________ ____________ According to you which is the best form of investment? a) Fixed Assets c) Jewellery e) Shares b) Bank Deposits d) Securities.ANNEXURE QUESTIONNAIRE WHAT IS YOUR NAME? WHAT IS YOUR AGE? YOUR EMAIL ID YOUR PHONE NUMBER 1.e bonds. mfs etc f) Insurance 3. Please mention the type of insurance policy you are covered under a) Individual b)Corporate 6. What is your qualification? a) High School c) Graduation 2. Please mention the type of insurance you are covered under a)Accidental b)Health . a) LIC b) HDFC d) MetLife f)Other (specify) e) ICICI PRUDENTIAL 5. Please mention the name of the insurance company through which maximum through you like to cover your life.
d)Any other(Specify) Are you satisfied with the policy? a) Satisfied b) Not satisfied 8. Is MetLife Insurance more affordable than the other Insurance available on your nearest telecom shops? a) Strongly Agree f) Strongly Disagree b) Agree e) Neutral c) Disagree 12. Whom would you consult before making an investment : a)Banker c)Investment consultant b)Chartered accountant d)any other 11.c)Life 7. The various ranks given by the customers about their perception about different players in the market: Attributes Cheap Easy Availability Quality Brands ICICI HDFC Met life Others . What’s your perception about insurance? a) A saving tool c) A future protection tool b) A tax saving device d)Any other 9. What would you look for in an insurance company? a) A trusted name c) Good plans b) Friendly service and responsiveness d) Accessibility 10.
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