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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) .
Gurgaon. 0124-456773422 Fax: 01242572748 Pin: 122002 . phone:0124-4179000. 5th floor Orchid Centre Golf Course Road. Sector 53. Profile of the Company/Firm Name.CHAPTER-1 PROFILE OF THE COMPANY 1. Address• Registered Office Address: Metlife India Insurance Company Ltd.MetLife India Insurance Company Ltd.
phone:01164736190.in Type of Company.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 2.• Branch Address(where training is done): MetLife India Insurance Company Ltd.305 & 306 3rd Floor.www.in Email. Delhi. Flat no. 01164736191 pin:110075 Website.co.indiaservice@metlife. Ashirwad Chowk. Aggarwal Mall Plot no.3 Sec-5 Dwarka. Nature of the organization .co.metlife.
. small business. 1868. M. (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. is the holding corporation for the Metropolitan Life Insurance Company or MetLife for short.Introduction of the organization-MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife. Today. MetLife is insuring the lives of the people for around 140 years. and was incorporated as a joint venture between MetLife International Holdings. and large institutions. when people are feeling a greater financial burden than ever before.in Rajesh Relan 7688 56. with more than $3.metlife. The Jammu and Kashmir Bank. Inc. The firm was founded on March 24. MetLife is helping millions of its customers in creating their own personal safety net by taking insurance plans. Inc. India www.co.072 5 (J&K Bank/Axis Bank/Dhanalakshmi . MetLife serves 90 of the largest Fortune 100 companies. A leader in savings and retirement products and services for individuals.3 trillion of life insurance in force. Inc. MetLife is the largest life insurer in the United States. Private Limited and other private investors. Pallonji and Co. 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.
Dr. Robert (Rob) Henrickson was appointed chairman of the board of directors. 2011. Current MetLife chairman C. stock market during 2001. By the end of 1864. In 2010. New.Organized by a group of New York City businessmen in 1863. (4) Current Era. MetLife announced . MetLife acquired Travelers Life & Annuity and substantially all of Citigroup’s international insurance businesses for $12 billion. National Union had written only 17 life and 56 accident policies. was named Metropolitan Life’s first President. a retired physician from Brooklyn. MetLife completed its purchase of American Life Insurance Company (Alico).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. Dow. 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. Dow.In 2001. and was in last place among the 27 life companies operating in New York State and was running a deficit of $1. president and chief executive officer of MetLife in 2006. On March 21. the first policy carrying the name of the Metropolitan Life Insurance Company was issued . On 25 march 1868.S. the National Union Life and Limb Insurance Company began business in July 1864 insuring Civil War sailors and soldiers against wartime-related disabilities.000 to found the National Union Life and Limb Insurance Company . MetLife was the first insurance company to establish a financial holding company with a nationally chartered bank through its purchase of Grand Bank.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. which was renamed MetLife Bank. And so began Metropolitan Life Insurance Company. from American International Group (AIG). when a group of New York City businessmen raised $100. James R. immediately after the September 11th terrorist attacks.The origins of Metropolitan Life Insurance Company (MetLife) go back to 1863. The company also invested $1 billion in the U. The $16.4000.
MetLife India has developed and distributes a range of life insurance products in India.Metlife is a fast upcoming professional insurance company in India. “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. annuities and p r o g r a m s . (5) 3. 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.” . It is operating in the insurance sector.that Steven Kandarian. international. institutional. A vision statement may apply to an entire company or to a single division of that company. the vision statement answers the question. small businesses and large institutions. 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. individual. The company conducts its business operations through five segments namely. MetLife is operating in the area of insurance. 2011. who had headed MetLife's investment department would succeed Robert Henrickson as President and CEO as of May 1. MetLife is one of the fastest growing life insurance companies. auto and home. Whether for all or part of an organization. the framework for all your strategic planning. Business Sector. Your vision statement is your inspiration. as well as the corporate. MetLife is a leader in savings and retirement products and services for individuals.
Every business should have a mission statement.Mission Meaning: A mission statement is a brief description of a company's fundamental purpose. 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. met suraksha trop. 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 plus etc are the terms plans of MetLife .” (6) 4. 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. A mission statement answers the question. Product range of the company MetLife deals in the life insurance products. 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. "Why do we exist?" The mission statement articulates the company's purpose both for those in the organization and for the public.
It is a plan with Return of Premium (TROP).It is a non participating term assurance plan which provides you life cover at a nominal cost.*Met suraksha. Limited Pay (3 years). To put it simply. a non participating term assurance plan which provides you life cover at a nominal cost. at a nominal cost. Regular Pay *Met Suraksha Trop. 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. To put it simply. Minimum Entry Age Maximum Entry Age Maximum Maturity Age Policy Term 18 years 60 years 70 years 10-35 years . it is a life insurance plan that gives you complete protection to enjoy life to the fullest. Limited Pay(3 years) Suraksha Plus-MetLife offers ‘Met Suraksha Plus’. should anything unfortunate happen.Term Assurance (TA) a non participating term assurance plan which provides you life cover. Minimum Entry Age Maximum Entry Age Maximum Maturity Age Premium Paying Terms 18 years 60 years 65 years Single Pay. it is a life insurance plan that gives you complete protection to enjoy life to the fullest. It is designed for people who want to take care of their financial commitments.
participating endowment plan. All you need to do is fill in a simple application form and you are ensured a guaranteed maturity amount of Rs 1. Semi-Annual *Met 100. even in the case of your death during the term. It helps create a legacy for the children.50 years 60 years 5 years / 10 years Regular Pay Annual. more importantly. Met 100 is available in 2 versions. Minimum Entry Age Maximum Maturity Age Term Premium Paying Terms Premium Paying Modes 15 years .70 years Par: . PAR NON PAR .60 years Non-Par: 15 years . It’s a simple savings plan which gets you into the savings habit without any medical tests. it helps you save for your specific long term financial objectives. In addition to providing you protection till the maturity of the plan.Endowment plan -This is a plan to provides savings and security. 20 or 25 years. met 100 etc are the endowment plans of MetLife. met suvidha. Limited Pay (5 or 10) & Regular Pay *Met Saral. Minimum Entry Age Term Premium Paying Terms Par: 15 years . leaving money for a dependant spouse and. met saral.000.15 years .00. (8) *Met Suvidha-Met Suvidha is a Flexible Endowment Plan that combines savings and security.30 years Non-Par: 5 years .MetLife presents Met Saral – a non.MetLife presents Met 100 – a whole life policy where you pay premiums for 15.30 years Single Pay. provides insurance cover at affordable rates.
25 yrs Money back plan. you get 110% or 125% of the premium. 10.a single premium. micro insurance. 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. Entry Age Coverage Term Premium Payment Term Minimum Sum Assured Maximum Sum Assured Min-15years Max-55 years 20 years Regular Rs. but also guarantees you cash payments at various milestones along with guaranteed growth of your savings. met vishwas are money back plans of MetLife. 15 & 20 years and guaranteed additions of 10% of the Sum Assured for the entire term. . 75. For ex met sukh. the money comes back to the Life Insured after a specific interval of time as Survival Benefit.000 No Limit *Met Vishwas.In Money Back Plans. 20.a guaranteed Money-Back Policy which provides guaranteed periodic survival benefits at the end of 5.Minimum Entry Age Maximum Entry Age Premium Paying Terms 15 yrs 70 yrs 15. On survival. *Met Sukh. nonparticipating term assurance plan which provides you life cover at a nominal cost.MetLife offers 'Met Vishwas'. It not only covers your life. 20.
Child money back plans -These are back plan that pays out funds to help you meet the education and career milestones of the child. There are two options to choose from and fixed term benefits.Age at Entry Entry (11) *Met Junior Money back. 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 .'Met Junior Money Back – a money back plan that combines savings and security. are some the child money back plans. met junior met magic plus. So we offer you a . met bhavishya. Your child's well-being is your highest priority. periodic additions & terminal additions are payable based on the option that you select. *Met Bhavishya. moneyback.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. the Life Insured is that of the parent.Age at 25 years .
met easy super. particularly your child. along with guaranteed growth of your savings.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 . 15 Years. Met Magic plus provides the benefit of insurance protection to your family. 10 Years. 20 Years & 25 Years (12) Pension plan. Some of the pension plans of MetLife are Met smart one.money back plan which provides guaranteed periodic survival benefits at the end of 5. A plan which offers both timely and efficient "return on investment" with payouts at different milestones. even when you are not around.Met Magic Plus is a Unit Linked Non-Medical Regular premium Life Insurance Plan. Minimum Entry Age Maximum Entry Age Maturity Age of Life Insured Minimum Policy Term 18years. . met pension par etc. 10 & 15 years. 70years. 55years. it secure your child’s future. 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.
Super wealth creation plan.a. Hence we bring you Met Easy Super – an Easy Protection. for Regular Pay . With this plan. It helps you build up a fund for your golden years.*Met smart one-met smart one . Entry Age Minimum Term Minimum Annual Min– 18 years Max – 60 years 10 years Rs. 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. which is investment cum protection single premium plan which along with its various investment management options facilitates accelerated wealth creation with Loyalty additions. 4000 p. you can ensure you enjoy retirement as a happy new chapter. 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.Security for your family and your need of wealth creation should work together as you move ahead in life.
premium Premium Payment Term Single Pay. Size (in terms of manpower and turnover) of the organization Manpower-at the year ending 2010-2011 total manpower(employees) of MetLife is 63.615. Turnover-total turnover of MetLife India till 2010-2011 is 15550 crores.760 in number of which approx 56.13 crores. MetLife India breaks even. During the fiscal (2010-11) MetLife had a total revenue of Rs 2.072 are its financial advisors. Organization structure of the company Chairman President CEO . Limited Pay (3 or 5 Pay) & Regular Pay 5. posts Rs 35 crores profit in the financial year 2010-2011 (14) 6.
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. Market share & position of the company in the industry Market Share definition. This metric is used to give a general idea of the size of a company to its market and its competitors.D of France M.D of England M.M. Market Share of MetLife:- .The percentage of an industry or market's total sales that is earned by a particular company over a specified time period.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.D of India M.D of Italy M.
2% 6.1% 8. Bharti Axa Life 0. with a presence in over 690 locations and a market share of 3%. Shriram Life 0.The company. which started its operations in India in the year 2002.7% 12.5% 13. LIC 74% 2. Max New York 1.3% 14. one of India’s fastest growing life insurance companies. is today one of the fastest growing life insurance companies in the country. MetLife 3% 9.3% 15. It is present at the 8 position in the insurance market of India.3% 5. HDFC Standard 3. SBI Life 3.2% .MetLife India Insurance Company Limited (MetLife). Reliance Life 3. Birla Sun life 3. Om Kotak 1% 11. AVIVA 0. ICICI Prudential 8% 3. taking the total number of lives insured to two million (including the group business). 1. today crossed the one million mark in policies issued. Tata AIG 0.1% 10.1% 7. (16) Here is the market share of various Life Insurance Companies in India at the end of FY 2010. Bajaj Allianz 5% 4. ING Vysya 0.
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) .Present Leadership I have done my Summer training under the guidance of Mrs. I got the real exposure of corporate world during summer training. My working tenure was full of learning and development.8. She encouraged trainees to participate in the training process. she also participate in the training program and allow input from all the trainees. which is generally the most effective leadership style. My mentor was full of skill which made inspire all the trainees. trainees feel engaged in the process and felt very motivated and creative. VEENU DUA at Dwarka Branch New Delhi. She offered guidance to trainees. I was blessed with the great mentor who develop my skills and enhanced my knowledge. 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 determine customers perception towards private insurance companies and their expectation from private insurance companies. To Assess the opportunity and Risks involve in insurance sector. To study the Growth in private insurance sector in India. .
To study the fundamental of Life Insurance Industry. 2. (19) 3. what data to collect. tasks. Comparison between HDFC and Met life Insurance according to their product Portfolio. with specific components such as phases.• • • To study the Regulatory Framework for insurance sector. making deduction & reaching conclusion . Research comprises defining & redefining problems. fixed designs need not be quantitative. The best design depends on your research questions. what data are relevant. and flexible design need not be qualitative. Research design can be divided into fixed and flexible research designs. and how to analyze the results. dealing with at least four problems: what questions to study. However. Research design Research designs are concerned with turning the research question into a testing project. formulating hypothesis or suggested solution . The research design has been considered as a "blueprint" for research. Some economists have referred to this distinction with ‘quantitative research designs’ and ‘qualitative research designs’.collecting . Every design has its positive and negative sides. newspaper and general guidance from the external guide. techniques and tools. Research Methodology of the study Research Methodology is generally a guideline for solving a problem.organizing & evaluating data. The various tools likely to be used to research are internet search. methods.
their interpretation and final summarization. Data is "bits" of information obtained from observation. (20) 4. it is usually physical traits observed during an experiment.Data are pieces of information that represent the qualitative or quantitative attributes of a variable or set of variables. The reliance of exploratory research on secondary research. data collection and selection of subjects. 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. The data collected was represented in the form of tables. So data collection means collecting information during an experiment of a particular characters or trait. pie charts for drawing . It has many dimensions and research methods constitute a part of research methodology.& at least carefully testing the conclusion to determine whether they fit the formulating hypothesis. Research methodology is a systematically solve the research problem. The sources of information are both primary & secondary. management and more formal approaches through in-depth interviews. Exploratory Research The explorative research has helped to determine the best research design. It may be understood as a science of studying how research is done scientifically. through this questionnaire. questionnaire has given a significant insight into the given situation. bars. such as qualitative approaches: informal discussions with employees. Data Collection Meaning. It involves data collection techniques. the method of analysis of data. The research is primarily exploratory in nature. In the context of science.
Method of Data collection . e. During the process of data collection. in marketing.Inferences. Moreover. perception of the customers about the product and company were identified by means of questions in the questionnaire. Quantitative techniques like averages. it is information that is obtained directly from first-hand sources by means of surveys. i.e internet.Secondary data is the data that have been already collected by and readily available from other sources. In order to make the comparative study possible.g. • • Primary Source: Through Questionnaire. The level of preference. 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. Sources of Data Collection: There are two sources of data:1. For the representation of data various charts tables pie charts and graphs have been used as per requirement. were applied as required. observation or experimentation.e. the data is derived from a new or original research study and collected at the source. In addition to this.. for some questionnaires had to be filled in as they were not so well read and literate. These ratings were tabulated and then represented by means of line diagrams. in some cases questions had to be explained to the respondents. percentages.Primary data is data that has not been previously published. considerable amount of time was spent in explaining the purpose and the exact nature of the data required from the questionnaires filled. two-way tables. (21) 2. parameters were chosen and questions were designed eliciting ratings from the respondents. Primary data. 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. Secondary data.
Age-out of 50. of item means the person who lived in local area of DELHI. Thus my sampling came out to be judgmental and convenient. Out of 50. Gender-both males and females were approached for the data/information. A pilot study was done in order to know the accuracy of the Questionnaire. Universe can be either be finite or infinite.Census servey Sample survey Sample method Types of sampling Probability Random sampling non probability Random Sampling Technique Initially. Sampling Unit: . 30 were males and rest 20 were females. 15 were between 50 to 60 and rest were above 60. 30 were aged between 30 to 40. The final Questionnaire was arrived only after certain important changes were done. a rough draft was prepared keeping in mind the objective of the research. In finite universe the no. Total number of persons approached for collecting data/information was 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.
Employees and Self Employed etc. Govt. India. Depth interviewing (23) 5.Most of the persons who were interviewed felt disturbed while responding to questions during their work hours. ➢ No wide coverage. ➢ Constraints regarding confidential Issues. Sample size: The sample size was restricted to only 50.The respondents who were asked to fill out questionnaires are the sampling units. These comprise of employees of MNCs. Research Instrument Structured Closed Ended and Open Ended Questionnaire. hence they made it a point to finish off answering the questionnaire as soon as possible. Sampling Area: The area of the research was Delhi. Limitation (problems in data collection) ➢ Psychological Constraints. .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.
➢ ➢ Time constraint.There was a time constraint in the study.➢ Increased competition . (24) . 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. Currently there are 14 Life Insurance companies working in India. Daily changes in the Industry.Today the competition in the Insurance sector has became very stiff.In a rapidly changing industry. The environmental changes are vital to be considered in order to assimilate the findings. Today each and every company is trying to increase their Insurance Advisors so that they can increase their reach in the market.
*Large number of young workforce. Barclays . *Brand Image .CHAPTER-3 SWOT ANALYSIS OF THE COMPANY 1. *Very less charges on ULIP plans as compared to other insurance players .. Strengths & the Weaknesses of the Firm/Company Strengths: *With over 139 years of experience MetLife have approximately US $ 3.3 trillion of life insurance in force. *Has tie up with banks like Axis . Karnataka Bank and Dhanalakshmi bank. . Business Experience and Innovative products. J&K . Service quality which is the crux of their mission. *Paid-up capital of RS 1500 crores as on 2010 which shows company dependability.
Weaknesses: *Many competitors in the market of same products by the title and difference in premium and offerings. (26) 2. *Sustainable to risk associated with investments in money market. Opportunities & Threats that the Company faces Opportunities: *Huge market is literally untapped. . Health . *Very less network branches due to which its difficult for customer to make payment easily. and Non-Life insurance. *Nearly 70% of the Indian population is without Life . of customer. an estimated market potential of approximately $ 15 billion. Out of estimated 320 million insurable markets only 20% of the population is insured. *Strong economic growth with increase in affluence and rising risk awareness leading to rapid growth in the Insurance sector. *Not focusing on consumer awareness mainly concentrating on personal selling. *More focusing in urban areas not touching rural area which has a very good potential market for insurance sector. *Health insurance and pension schemes. *Lacking in advertisement due to which they are not able to cover a large area or large no. *Per Capita life insurance premium in India in 2004 was $16 as compared to the world average of $ 292.
covering more than 29 million participants – including many of the top one hundred FORTUNE 500® companies.Threats: *Players like Bajaj and Birla sun life offer same plans with low premiums. it means wealth optimization or preservation. we've been helping people build financial freedom. *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 . Our financial strength and experience allow us to offer several life insurance options to better fit your company’s specific needs. Its huge surplus in life fund gives a capability to lodge price war. For some. If the tax liability of the service class rises.000 group life customers. the customer will have little money to invest. The MetLife companies are one of the world's largest and most respected financial services organizations. this means protection for their families. *LIC has woken up from sleep and is following competitive strategies. compassion and sensitivity. MetLife is the leading provider of Group Life Insurance serving over 28. That is why our interactions are distinguished by our expertise. For over 140 years. this makes the MetLife companies truly formidable players in the Life Insurance industry. . policies do not encourage gross domestic savings. Competitive edge of the company Why choose MetLife?? Customer requirements and comfort are always our priority. (27) 3. Bharti axa insurance and more) *Current govt. For others. Combined with our innovation.
*We are committed to Partnering with our internal and external Customers for mutual success. Fairness and Financial Prudence in all our dealings keeping the interests of our Shareholders. *We build Long Term Relationships with our customers by creating a world class service experience through operational excellence and the innovative use of technology. As a result we will also be recognized as an Employer of Choice. Customers and Associates paramount. (28) . *We work with Integrity. *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 creating a High Performance Organization by creating an environment that allows each one of our Associates to perform at their peak.*We lead through Innovation to offer world class and competitive products to our customers.
Finance is Corporation Limited or HDFC. HDFC's distribution network spans 283 outlets that include 66 offices of HDFC's distribution .4 FINDINGS & ANALYSIS ANALYSIS HDFC STANDARD LIFE Profile Housing Development Parekh.CHAPTER . founded on 1977 by Hasmukhbhai an Indian NBFC. focusing home mortgages.
it is easily accessible and approachable. It is one of the most trusted companies. offer a bouquet of insurance solutions to meet every need. HDFC's marketing efforts continue to be concentrated on developing a stronger distribution network. 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.4% share in HDFC and the remaining 18. HDFC Standard Life Insurance Company Limited is one of the first companies to be licensed by IRDA to operate in the Insurance sector. Europe’s largest mutual life company. Home loans are also sourced through HDFC Sales. a joint venture between HDFC and Standard Life Assurance Company. HDFC Bank Limited and other third party Direct Selling Agents (DSA). The company. It integrates the strong expertise and stability of Standard Life and HDFC. has identified the rural market as an important thrust area for its future growth. offering value services to its customers. It cater to both.6% stake is with Standard Life. Standard life is a Canadian company. individuals as well as to companies looking to provide benefits to their employees. The Standard Life Assurance Company was established in 1825 and was reincorporated as a mutual assurance company in 1925. ranked number 5 among the private players in the insurance sector . The company came into existence on 14th August 2000. Product Portfolio At HDFC Standard Life. HDFC covers over 90 locations through its outreach programmes. HDFC holds 81. maintain trust and keep innovating to establish it as a unique player. HDFC Standard Life Insurance. ➢ ➢ Term Product Endowment Product . In addition.company and HDFC Sales Private Limited.
000 METLIFE PLAN IS BETTER THEN THE HDFC PLAN HDFC STANDARD LIFE ENDOWMENT 70 YEARS PLAN 50.00.000 .➢ ➢ ➢ 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.
Hence. the corporation tried to depict the organization as one oriented towards the younger generation. A conscious effort was made to bring about a transformation in the corporate image. The corporation advertising campaigns assisted the marketing strategies. the consumer relations activities of METLIFE concentrate on the customer public and building relations with prospective customer. The corporation has emerged with a much younger and sleeker image. PR Activities for Consumer Relations: The business of insurance is purely service which cannot be seen or held. Systematic and focused PR initiatives and widespread publicity have resulted in markedly improved visibility. the corporation has undergone a transformation. Through various campaigns. simultaneously requiring a revamp in its image.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. .
Press Conferences: Press Conferences are organized to announce new appointments of top executives. EmployeeConsumer Communication: The harmonious relationship that METLIFE has. introduction of new schemes. through the years . Press Release : Press releases are frequently handed out to the media by the local PR department on behalf of the company. etc. 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. 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. There were 79 hours of TV advertising and 408 hours of Radio advertising. interact with them and keep them satisfied. At METLIFE printed communications are used in conjunction n with oral communication media. like Railway Stations and Airports. 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. for maximum exposure to public at large. Trans-slides: The Corporation has placed trans-slides at strategic places.The corporation has time and again made endeavors to reach out to the consumers. These generally comprise of any subject or issue concerning the . Printed Communication.
Posters and Hoardings: These tools are not only an advertising medium but also a very effective PR tool.company. It also aims at attracting new investors. 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.metlife. METLIFE uses posters and hoardings to get quick public notice. railway stations. subsidiaries and addresses of branches and about premium payment . (34) Booklets. Other Amenities Provided by METLIFE Website: The Corporation’s website www. roadsides. Brochures and Pamphlets: Booklets. 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.in gives information about the corporation’s products. Posters and hoardings are widely placed throughout the city at busy intersections like subways.co. bus shelters. containing information for policy holders or any item of news value to the media and its readers. etc. 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. services.
services and policy status reports to the customers. 1) 2) 3) 4) Government Agencies Banks and Financial Institutions Statutory Bodies e. Numerous publicity projects with a social purpose are undertaken at the zonal level. The Annual Report. News sections. This provides information about the Products. DHANALAKSHMI Bank.g. timesofmoney. Recently the . 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. Online policy status Online Premium Payment. J&K Bank. 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. The Annual General Meeting. METLIFE has tied up with KARNATAKA Bank. The annual report is released annually to inform all publics of the company’s working results. The corporation also sponsors many sports events at the national level. Information Kiosks: The corporation has installed online information kiosks at prominent places across the country. It also provides Press releases.com to offer the online premium payment facility to its customers in select cities.through the internet. Community Relations: METLIFE regularly provides ‘Health vans’ to various organizations across the country.com. and service providers like Bill Junction.
pooh-poohed the idea. But HDFC discarded this “fear" typically used for hawking insurance.5 per cent and 0.45 years. build awareness and give the brand a larger than life image. including the company's board. HDFC remains among the top advertisers: ad spends. When HDFC STANDARD Life Insurance first began operations.75 per cent. which started with advertising to establish the brand. 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". 000 and above. (36) The Target audience: Representing an ideal mix of medium to high net worth individuals: The consumers most disposed towards buying life insurance. 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. At that time people thought Company is wasting money. summed up in .North Zone(Delhi) associated itself with the ‘Perfect Health Mela’ to propagate the cause of good health. 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'. primarily male. range between 0. age group: 28 . almost everyone. Marketing Strategies of HDFC STANDARD LIFE Co. choosing instead a "happy" platform to convey a more positive message. household income: Rs. salaried and self employed. This required a corporate campaign. Middle-aged professionals. Even today after it has rolled out so many campaigns. as a percentage of new business premium. Ltd It was time when the marketing team was thinking about an advertising campaign.20.
(37) Once the corporate image and brand identity were established. The Creative execution: Through television channels: Building image and creating a differential in the most creative and compelling manner. This was tackled through product-specific advertising. 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. and as the company expanded and its product range grew. 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. and then goes on to emphasize that HDFC STANDARD will stand by the husband to help him fulfill all these promises. The product specific advertising focussed on . satisfaction of knowing that one’s loved ones are protected. The TV campaign has also been extended to outdoor.the advertising idea: ‘SAR UTHA KAR JIYO’. HDFC STANDARD LIFE has been advertising in outdoor. retirement solutions or Lifetime. The creative execution heightened the emotional connect with the HDFC STANDARD LIFE brand. TV and press.Indian. Symbolic representation of the protector of the family through situations showcasing various life stages and creating endearing imagery of protection and familial bonding. The film highlights the strength of promises that a husband makes to his wife. particularly retirement solutions. Press: Gave the consumer a rational and tangible reason to buy insurance first and secondly from HDFC STANDARD LIFE. The company launched a corporate television campaign – Saat Phere – which took the emotions and thoughts of initial Sindoor corporate film a few steps further. through the ‘Chintamani campaign’. 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. Over the last few months.
to talk to the customer through a non-cluttered route. the company has also initiated several activities to raise consumer awareness about life insurance and HDFC STANDARD LIFE. PR of communications campaign in press & TV. such as: having a tax planner by the name of Chintamani on radio. In addition to advertising. Other initiatives included tie-up with the Dabbawalla Organization in Mumbai for a direct marketing exercise. “It includes seminars – HDFC STANDARD LIFE regularly holds consumer awareness meets on ‘the need for retirement planning’ in different cities such as Pune. After the hugely successful Chintamani (retirement) and Saat Phere (corporate) campaigns. company also entered into alliances with telecom companies.changing the prevalent perception about insurance and breaking a few myths: nonaffordability. Coimbatore. . HDFC Standard Life Insurance also introduced some innovations in the category. Bandra and Andheri where there are mostly office-goers. Nagpur. These are very well attended and have contributed significantly towards increasing awareness about the category and the company. Bangalore and Mangalore. HDFC STANDARD Life Insurance has also announced a strategic distribution tie-up with Hariyali Kisaan Bazaar. who would answer consumer’s queries about the role of insurance in financial planning. and database generation through Bancassurance channels. as well as companies like BPCL and Dominos. website marketing. Aurangabad. and thereby have a higher impact. (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. Hariyali Kisaan Bazaar can now distribute HDFC Standard’s protection. As a partner. Apart from this. About 100. insurance not being good investment option and the myth that insurance was good only for tax saving.000 direct mailers were attached to the ‘dabbas’. retirement solutions and health insurance products to customers across the its growing number of rural business hubs in the country. in areas such as Churchgate. Other Communications: Other programs included direct mail. the rural business arm of DCM Shriram Consolidated Ltd (DSCL). wealth creation.
HDFC STANDARD LIFE has advertised on several channels from the Star TV bouquet. According to an ORG MARG study. TV became a viable medium and the corporate campaign for HDFC STANDARD LIFE was run on TV. too. Strategies Adopted By METLIFE METLIFE started intense . METLIFE has to reach out to non-resident India policy holders as well as its other corporate customers who are based abroad. the HDFC STANDARD LIFE brand name and advertising had the highest recall amongst all private players. METLIFE. Zee Network and Sony. METLIFE has advertised in satellite channels as well as terrestrial channels. HDFC STANDARD LIFE was awarded the INDY’s Award for Excellence in Mass Communication in the category of Most Creative Advertisement-Television. was largely done through print and outdoor channels. The company have spent about Rs 50 million on TV advertising last year. METLIFE upped its ad spend to tackle competition and succeeded in forging way ahead. was forced to make efforts to increase its visibility and enhance its brand image. publicity activities both at the corporate and operational levels. systematic & well focused public relation and METLIFE upped its ad spend to tackle competition. Product advertising. because the medium lends itself well to an emotional type of films that strike a chord with the audience. With the geographical expansion. The company commenced intense. which needs to impart information.METLIFE VS HDFC STANDARD LIFE Comparison and AnalysisWith private players paying much attention to advertising and promotional activities. and was only marginally behind METLIFE. HDFC STANDARD LIFE Insurance campaign was short-listed as one of the 12 most effective campaigns for the year 2001 in the EFFIE awards. . as these are appropriate for rational type of messages. systematic and well-focused public relations and publicity activities both at the corporate and operational levels.
METLIFE has established state of art machinery. making group life a cornerstone to building financial freedom.com and Rajasthan . 3. Its Pragati Ki Anokhi Paathsaala or PKAP. to enable consumers renew their policies in their kiosks. As the people think that insurance is a tool to protect their family & a tax saving device. There is a large potential for insurance in India.5% of the customer are planning for new investments. 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.com. So it can . HDFC STANDARD LIFE has also partnered with e-governance kiosks in Andhra Pradesh . Strategies adopted by HDFC STANDARD LIFE • • • HDFC STANDARD LIFE launched the ‘TruLife Club’ for its high-value policyholders as part of its marketing strategy. The entrance of private players will increase the competition and it would be a tough task to secure a good position in market.aponline. 2. importance. As seen from the survey that at present 70% of the customer are having insurance policy out of which 87. (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.emitra. METLIFE has launched its SATELLITE SAMPARK offices. 1. PKAP aims to bring out the inherent creative skills amongst children. They are aware of the fact & realizing its. 4.
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. Considering that only about 65 million out of 250 million people are covered by life insurance. 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. Yet. Most of the population of India is not insured. 6. Every futuristic individual would want himself to get insured. 400 billion business in India and the gross premium collection is about 2% of GDP growing between 15% and 20% per annum. (41) ANALYSIS OF THE PROBLEM UNDER STUDY Insurance is estimated to be Rs. But in turn they should provide good products and services. Many people have a insurance policy it so that they are aware with it and think that it is so impartment the people. 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.be a good potential for the company and they should make an attempt to trap these customers. 5. As 43% of the customers are even ready to go for insurance if a service provider away from their city is providing it. hence there is a lot of scope in this sector and a number of companies are planning to enter the sector. the potential is quite evident. .
(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. 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. (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 . 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. 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. HDFC standard life and Met life in current scenario or market and what percentage of market they are covering right now.
3. and 11 are taken accidental insurance. 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 . 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. 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. (45) While 14 people are taken health insurance. 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. 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.
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.This question gives us insight of the affordability of the Insurance or service. most of who are on daily wages. With low disposable incomes. Now we check what Delhi customer want from the company in terms of their Insurance prices. While 33% are only agree with this statement that HDFC has much affordable price of their respective Insurance. 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. . 14% respondent said they have mixed view about the affordability these people are those who are richer in Delhi region. 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.
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. . 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.(47) 5.
.and up-sell products. it helps the public know about the existence of the products and the role. 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. Today.(48) SUGGESTIONS/RECOMMENDATION 1. 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. the focus is on selling more products to existing customers to improve profitability. customer acquisition is vital. 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. Strengthening the distribution network – MetLife India mainly operates in all the metros and in certain big cities. as no retention strategy will entirely stem customer defection. 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. 2. 3. which they see on air. Implementation of CRM – While the insurance sector is seeking to maintain a balance between acquiring customers and developing existing ones. CRM has helped customers through effective event-based marketing and lead tracking to cross. Advertising and Publicity – These days everybody is going for things. Advertising and Publicity hold a very strong role in any products life cycle. 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.
6. for example. Such purchases and tie-ups would help it strengthen its roots and create its own niche in the Indian market. Dhanlakshmi bank & the Karnataka bank. 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.5 billion. Instead of focusing on their different products lines as silos (i. it announced its intention to purchase Citigroup's Travelers Life & Annuity and substantially all of Citigroup's international business for $11. life.e. Emphasis on use of Information Technology – In the insurance industry today. and thus. 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.. MetLife only provides life insurance products. Product diversification – Instead of catering to only one kind of product MetLife can slowly diversify with the kind of products it deals with. 5. For overcoming the same MetLife can go for further mergers and acquisitions with strong banks which would help it grow. which in itself are not so common with the general mass. 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 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 a evolutionary change in the technology that has revolutionized the entire insurance sector. Insurance industry is a data-rich industry. MetLife being associated with banks such as Jammu & Kashmir bank. (50) . there is dire need to use the data for trend analysis and personalization. makes it difficult for MetLife to get itself placed in the Indian market.(49) 4.
LIC has never been known for prompt service or customer oriented. Its market position is strong Shareholders return has grown by 7 times and more till date. Its improved product proposition attracts one and all. The brand of MetLife Insurance appeals to growing middle-income group. The general satisfaction levels among public with regards to policy and agents still requires improvement. MetLife Insurance maintains the position of word leading Cash Management Provider. It has the support of an aggressive foreign bank at its back. Ltd. 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. radio and Television Ad campaigns over the years is beginning to have its impact now. (51) . 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. But therein lies the opportunity for a relative player like MetLife India Insurance Co. People are beginning to look beyond LIC for their insurance needs and are willing to trust private players with their hard earned money.CONCLUSION The exhaustive research in the field of Life Insurance threw up some interesting trends which can be seen in the above analysis. People in general have been impressed by the marketing and advertising campaigns of insurance companies. it is one of the most profitable MNC in India. A general impression that I gathered during Data collection was the immense awareness and knowledge among people about various companies and their insurance products.
2. it was essential to interpret them to figure out the result.In a rapidly changing industry.Lack of time is also a major limitation for the project. The data collected are expressed with the help of Bar graphs and Pie-Charts which is difficult to understand. 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. 7. 6.Data Interpretation: After the data collection process.Sample size was only restricted to 50. The environmental changes are vital to be considered in order to assimilate the findings. .Some respondents were reluctant to divulge personal information which can affect the validity of all responses. 5.Projections regarding environmental and political basis can be change.The research is confined to a certain parts of DELHI and does not necessarily shows a pattern applicable to all of Country. 4.In my view . 3. analysis on one day or in one segment can change very quickly.
2010.65. http://hdfcstandardlife.co.in http://metlifeindia. 2009. Samit. US Department of State. "Pension fund business in India. p. Published by SwissRe. July 16.in http://scribd. 2011. "The Monitory Group Study on Insurance I and II. Abhijit. "Insurance Sector: India. *Sigma. *Kumari. 25.in . "India Insurers Seek Perfect Partners.co. p." National Underwriters. 38-39. Vaswati. March 5.swissre.(52) BIBLIOGRAPHY/REFERENCES *Business Today. *Roy. *Marketing Management II by Philip Kotler. National Trade and Development Board. 9/2000. DC. *Roy. Washington." The Hindu." No. Available at www.com. December 2009." Industry Sector Analysis.com http://IRDA." March 22 and April 7. "World Insurance in 1999.
i. Do you have any insurance policy? a)Yes b)No 4. What is your qualification? a) High School c) Graduation 2. a) LIC b) HDFC d) MetLife f)Other (specify) e) ICICI PRUDENTIAL 5. Please mention the type of insurance you are covered under a)Accidental b)Health .e bonds. Please mention the type of insurance policy you are covered under a) Individual b)Corporate 6. 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. Please mention the name of the insurance company through which maximum through you like to cover your life. mfs etc f) Insurance 3.ANNEXURE QUESTIONNAIRE WHAT IS YOUR NAME? WHAT IS YOUR AGE? YOUR EMAIL ID YOUR PHONE NUMBER 1.
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 .c)Life 7. Whom would you consult before making an investment : a)Banker c)Investment consultant b)Chartered accountant d)any other 11. What’s your perception about insurance? a) A saving tool c) A future protection tool b) A tax saving device d)Any other 9. d)Any other(Specify) Are you satisfied with the policy? a) Satisfied b) Not satisfied 8. What would you look for in an insurance company? a) A trusted name c) Good plans b) Friendly service and responsiveness d) Accessibility 10. 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.
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